Shanghai-based SAIC, partner of GM and VW in China and owner of SAIC Motor, China’s biggest automaker, plans to invest RMB6bn (US$879m) to develop and manufacture clean energy vehicles between now and 2011, the official Xinhua news agency said, quoting SAIC chairman Hu Maoyuan.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
About one-third of the investment will go to research and develop green cars; the rest will be invested equally in green vehicle and component manufacturing.
Shanghai Securities News reported on Wednesday that SAIC would launch its hybrid Roewe sedans next year and electric cars by 2012. It is in discussion with potential battery partners including BYD, 10% owned by US billionaire Warren Buffett’s Berkshire Hathaway, as it looks to outsource batteries.
BYD launched its plug-in F3DM hybrid in China late last year. Chery Automobile also rolled out its first electric car, the S18, in February.
Beijing unveiled a plan earlier this year to offer a subsidy of up to RMB600,000 (US$88,000) for the purchase of clean-energy vehicles for public transport fleets in 13 cities to help industry develop green technology.
