Jianghuai plans US$4.4 billion green car investment  

Jianghuai Automobile Co. announced that it has a partner with whom it plans to invest approximately 30 billion yuan (US$4.4 billion) to produce clean-technology vehicles. According to Reuters, the Chinese automaker has partnered with Yang Rong, the former Brilliance China chairman, who has been living in exile since 2002 following reports of financial crimes. Jianghuai has filed a statement saying that it will set up a 50-50 joint venture operation in Tianjin capable of building one million vehicles, engines and batteries over eight years. (August 11, 2010)