SAIC invests US$424 million in R&D

SAIC Motor Co. Ltd. under the aegis of the Chinese auto giant Shanghai Automotive Industry Corp. (SAIC) invested 2.76% of its operating revenue or RMB2.9 billion (US$424.85 million) in Research and Development (R&D) in 2008, ranking first nationwide. It plans to put the hybrid Roewe 750 sedan into the market in 2010 and supply Expo 2010, which will be held in Shanghai, with nearly 1,000 so-called “new energy” or alternative-fuel vehicles. In 2012, it will release more new energy products. (May 11, 2009)