ChangAn forms New Energy Auto

Chinese automaker ChangAn Auto has founded the New Energy Auto Company in Southwest China’s Chongqing Municipality and has obtained a 20 million yuan (US$2.9 million) promotion grant from the municipal government. ChangAn President Xu Liuping said the company would develop several hybrid models and launch them by 2012. According to Ren Yong, vice general manager of ChangAn New Energy Auto Company, the company started preparing for the new energy auto company in June 2006 and has invested 250 million yuan (US$36.5 million) in hybrid vehicle research since 1998. (December 1, 2008)