The Ricardo 2010 Consultants was made by Ricardo to help the Chinese manufacturer set up a research and development centre for its new models.
It was intended from the start that if Ricardo 2010 was successful, it was would be transferred for a sum of £1 to SAIC as a going concern.
The period since the formation of Ricardo 2010 has included the launch of the first vehicles under the SAIC’s new Roewe brand, the start of manufacture of the KV6 engine in China, and the ongoing development of a completely new family of Roewe brand products.
The transferred business will continue both to be based at offices at the Ricardo Midlands Technical centre and have strong operational links with Ricardo UK.
“Ricardo established this business as a means of creating a world-class automotive product development capability for SAIC and the exercise of the option to acquire the business demonstrates our success in this endeavour,” said Dave Shemmans, Ricardo CEO.
“This is due in no small part to the hard work and innovative skills of the Ricardo 2010’s employees as well as their colleagues at SAIC Motor and Ricardo UK.
“We look forward to a continued close and mutually beneficial relationship with SAIC Motor both on the existing programmes on which we are already collaborating as well as on future products,” added Shemmans.
Ricardo said the transfer of ownership of Ricardo 2010 Consultants will have no commercial impact for its business in the financial year ending June 30.