China supports SAIC’s $ 1.76B new-energy car investment
China pledges favorable policies to its largest car-maker,SAIC. The company is planning to invest $1.76 billion in
new-energy cars.
China has signed an agreement with the country’s largest car manufacturer, SAIC Motor, to support the car-maker’s plan of investing CNY12 billion ($1.76 billion) in new-energy automobile development in the next three to five years. According to Shanghai Daily last Saturday (July 4), the government has pledged favorable policies, product testing and research, government procurement, and human resources to SAIC.
The investment will cover 41 projects, with CNY2.1 billion reportedly going to the commercialization of the cars.
SAIC’s Roewe 750 mild hybrid sedan, with a fuel saving rate of around 20%, is set for launch in 2010. SAIC is also set to provide the World Expo with around 1,000 new energy vehicles from four major series: all electric, ultracapacitor, fuel cell, and hybrid. For 2012, SAIC plans to launch the Roewe 550 plug-in strong hybrid with more than 50% fuel saving rate.
China, down to its local levels, has been supporting green transportation through consumer grants and technology development. Last month, the city of Shenzhen considered the granting of CNY50,000 to hybrid vehicle buyers. China targets to convert 5% of its transportation sector into green by 2011.
- Jen Balboa
Sources:
1 http://www.shanghaidaily.com/sp/article/2009/200907/20090704/article_406306.htm
2 http://www.saicmotor.com/english/xwzx/xwk/6961.shtml
3 http://english.caijing.com.cn/2009-06-15/110184485.html