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SAIC to invest RMB 12 bln in new-energy cars

2009. 6 July

( SAIC Motor Corp Ltd<600104>, the largest car maker in mainland China, said on Sunday that it plans to invest more than RMB 12 billion in the next three to five years to develop hybrid vehicles and related auto parts, the Shanghai Daily reported.

SAIC on Friday signed an agreement with the Shanghai municipal government, which will offer favorable policies, product research and testing, human resources and government procurement to help the auto maker develop the new-energy vehicle industry.

SAIC said the investment will cover 41 key projects related to new-energy and eco-friendly vehicles. One project will provide 1,000 new-energy cars for the Shanghai World Expo in 2010. The auto maker will also spend RMB 2.1 billion marketing new-energy vehicles this year.

The auto maker said that next year it will launch the Roewe 750 hybrid sedan, whose fuel costs will be 20% lower than those of the existing model. SAIC's Roewe 550 mid-class sedan, another plug-in hybrid model, will be unveiled and commercialized in 2012. The model will improve fuel-efficiency by 50%.

In addition, SAIC will accelerate the development of the new-energy auto part sector.

In January, SAIC and its parent Shanghai Automotive Industry Corp set up a joint venture (JV), Jie Neng Automobile, to develop hybrid vehicles.  

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