SAIC to invest 3 billion yuan developing hybrid vehicles

Shanghai Automotive Industry Corp. (SAIC) intends to invest 3 billion yuan (US$439.42 million) to develop hybrid vehicles and related components in China over the next three years. The automaker revealed its plans at the opening of its new alternative-fuel vehicle production facility in Jiading Industrial Zone in Shanghai. SAIC also reiterated its plans to introduce a hybrid version of its Roewe 750 sedan in the Chinese market next year, followed by a Roewe 550 plug-in hybrid sedan during 2012, coinciding with the launch of the company’s first indigenously developed electric vehicles. Meanwhile, the Shanghai government has pledged its support for SAIC’s plans through favorable policies and potential local government procurement deals. The city reportedly intends to have 10,000 alternative-fuel vehicles on the road by 2010, rising to 100,000 vehicles by the end of 2012 and 300,000 vehicles by 2015. (July 20, 2009)