China’s largest rail carrier to develop green cars

The mainland’s largest rail carrier, China South Locomotive & Rolling Stock Corp., intends to invest 442.2 million yuan (US$501 million) in developing electric vehicles in keeping with Beijing’s policy of promoting “green” cars. China South Locomotive plans to set up a joint venture with the Shanghai-listed Liaoning Shuguang Automobile Group to make zero-emission vehicles, according to the company’s statement to the Stock Exchange of Hong Kong. The two companies will expand two subsidiaries and set up an automobile sales unit. (March 4, 2010)