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SAIC EV Plans      4-Nov-09 11:53 am    
Alas, I think they are using BYD's batteries...

SAIC to Spend 6B Yuan on New Energy Cars; Full Electric Vehicles by 2012
4 November 2009

Xinhua. Shanghai Automotive Industry Corporation (SAIC) Group plans to invest 6 billion yuan (US$879 million) to develop and produce new energy cars over the next two years, said group chairman Hu Maoyuan Tuesday.

"The investment includes 2 billion yuan to support the research and development of new energy cars, 2 billion yuan for producing parts for new energy cars and 2 billion yuan for the building of car-making factories, Hu told an industry forum in Beijing.

He said SAIC plans to put to market a series of new energy cars next year that could save fuel as much as 30 percent; by 2012, cars that save more than 50 percent less fuel and purely electric cars would be rolled out. He said electricity-driven vehicles would be China’s major focus in the sector in the future, while more technological breakthroughs need to be made in car batteries, electric motors and other parts."

http://www.greencarcongress.com/2009/11/...
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China BAK Battery, Inc. (CBAK)

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