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China may be the biggest polluter in the world, but it also intends to be an early market for low or zero-emission cars.
largest automaker SAIC Motor Corp in the country to Shanghai plans to set up 2 billion 293 million yuan risk of developing hybrid gasoline-electric and all-electric vehicles, the company said this week, Reuters reported.
SAIC would create the company, called Shanghai Automotive Technology Co Jieneng with its parent, Shanghai Automotive Industry Corp. The parent company will hold a 90 percent stake in the company while the automaker will get the remaining 10 percent.
ISN t joint venture SAIC's first foray into low-emission vehicles The Company and General Motors formed Shanghai General Motors and announced i n 2004 an agreement to develop hybrid cars and fuel in China.
The joint venture launched the first hybrid car China made a LaCrosse Eco-Hybrid, in January this year, Shanghai General Motors plans to introduce fuel cell cars after 2010, the company unveiled a car battery hybrid prototype Chinese fuel plugin Premier Wen Jiabao during his visit to the company this week, reports green Car Congress.
SAIC, whose shares are traded on the Shanghai Stock Exchange, has a number of subsidiaries, including Shanghai Motor Manufacturing Co Nanjing MG Motor Sangyong Sunwin and South Korea.
SAIC sold about 60 million vehicles in 2007 1, the company said on its website.
China is the world's second largest car market, making it a prime target for foreign automakers, the Chinese government tried to push energy efficiency by offering tax incentives for the purchase of fuel-efficient cars and upping the mandatory efficiency standards.
As the United States on the electric car market is divided into two categories is the largest, but the most difficult market, build freeway legal car for consumers and smaller, but the market much more easy for vehicles at low speed tops 35 mph for military bases, universities and retreat centers Some companies plan to do both types of cars as a way to hedge their investments.
Nissan plans engine to start selling electric cars in China by 2012, a company executive told the Guangzhou auto show earlier this month Nissan has a joint venture with Dongfeng Motor Group Chinese automaker Co.
Other Chinese automakers with the ambition to launch low emission cars BYD Co include a lithium-ion battery maker that entered the automobile sector in 2003 with the purchase of auto Tsinchuan Co Plans BYD to build a plug-in hybrid electric car at the end of this year and the export of hybrid cars in the US by 2010.
BYD made headlines in September when MidAmerican Energy Holdings Co a subsidiary of Berkshire Hathaway Inc. Warren Buffett has invested approximately $ 230 million for a stake of 10 percent in Chinese society see Buffett invests 230M in BYD.
It is a center for Chinese manufacturers electric bikes are too suck May 5 million electric bikes a year.
SAIC Accelerates Chinese market ElectricCar Greentech Media, saic Chinese market.