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SAIC Group to invest 12b yuan in new energy cars

By Qiang Xiaoji (chinadaily.com.cn)
Updated: 2009-07-07 14:29

Shanghai Automotive Industry Corporation Group (SAIC) said it will invest over 12 billion yuan ($1.76 billion) in the new energy automotive industry, and plans to roll out its own-brand new energy vehicles from next year, Shanghai Securities News reported.

The 12-billion-yuan package will be invested in 41 major projects, including new energy auto projects for the 2010 Shanghai World Expo as well as other high-tech industrialization projects, according to SAIC.

Related readings:  SAIC Motor focuses on domestic market  SAIC Motors says no acquisition plans for 2009  Greener cars get cash infusion  60,000 alternative-energy vehicles to hit roads by 2012

Li Jirong, vice president of SAIC, said over the weekend that the automotive industry would soon meet a bottleneck unless it shifts its focus to upgrading the product and industry structure to develop clean and energy-efficient cars.

SAIC's management said Sunday the company is working on mass production of new energy vehicles, including hybrid and electric cars.

According to the plan, SAIC Motor Corp, China's biggest carmaker, will launch a hybrid vehicle - Roewe 750 - which uses 20 percent less gasoline, in 2010. The company will supply thousands of new energy vehicles when the World Expo opens in Shanghai next year.

In 2012, it will debut the Roewe 550 – a plug-in hybrid electric car that can save more than 50 percent of gasoline, as well as "zero-emission" electric cars.

The Shanghai municipal government has also vowed to provide supporting measures, such as preferential policies, subsidies and government purchase, to the development and manufacturing of new energy vehicles. It will also help the industry in R&D and talent building.