SAIC to Invests $879m in Green Cars

04 November, 2009 05:09:00

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SAIC Motor Corp, China's biggest automaker, will invest 6 billion yuan ($879 million) to develop and manufacture green cars over the next two years, the official Xinhua news agency said.

One-third of the investment will go to support the research and development of green cars, one-third for producing green vehicle components and the last third will be invested for the building of car-making factories.

SAIC plans to put to market a series of new energy cars next year that could save fuel as much as 30 percent; by 2012, cars that save more than 50 percent less fuel and purely electric cars would be rolled out.

SAIC chairman Hu Maoyuan said electric vehicles would be China's major focus in the sector in the future, while more technological breakthroughs need to be made in car batteries, electric motors and other parts.

SAIC - a longtime partner of General Motors and Volkswagen in China, in November last year invested $300 million on the development of hybrid and electric vehicles.

[source: Xinhua]

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