Leadng Chinese Automaker to Invest $879 Million Into Alternative Power Push

Shanghai Automotive Industry Corp., one of China's largest automakers, said it plans to invest 6 billion yuan ($879 million) in developing alternative-fuel vehicles and related technologies in the next two years. SAIC's chairman, Hu Maoyuan, said the money would be equally divided among research, product development and component and vehicle manufacturing programs from now though 2011. The company plans to launch a line of hybrid and all-electric cars in China under the Roewe brand by 2012 and reportedly has begin testing a plug-in hybrid system of its own design. The effort is part of a drive to fulfill the government's request that 5 percent of all passenger vehicles built in China by 2011 use

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Leadng Chinese Automaker to Invest $879 Million Into Alternative Power Push

Tagged as: Alternative Fuels, China, Electric cars, Plug-ins and Electric, SAIC