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SAIC to Spend 6B Yuan on New Energy Cars; Full Electric Vehicles by 2012
4 November 2009
Xinhua. Shanghai Automotive Industry Corporation (SAIC) Group plans to invest 6 billion yuan (US$879 million) to develop and produce new energy cars over the next two years, said group chairman Hu Maoyuan Tuesday.
The investment includes 2 billion yuan to support the research and development of new energy cars, 2 billion yuan for producing parts for new energy cars and 2 billion yuan for the building of car-making factories, Hu told an industry forum in Beijing.
He said 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. He said electricity-driven 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.
November 4, 2009 in Brief | Permalink | Comments (2) | TrackBack (0)
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Posted by: HarveyD | November 04, 2009 at 06:29 AM
Currently only Buick has no hybrid designs as yet announced by GM; other than the aborted dual-mode Rendez-Vue.
I would judge that there are Buick models of EVs in the pipeline with this announcement.
Posted by: Stan Peterson | November 04, 2009 at 10:10 AM
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Commitment to accellerate production of future electrified vehicles within 2 years is very good news.
Mass production should lower the cost of battery packs and BEVs, specially from a large country with lower labour cost and very high production capabilities.