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SAIC to develop electric cars

By Tong Hao (chinadaily.com.cn)
Updated: 2008-12-15 13:06

Shanghai Automotive Industry Corporation (SAIC) Group and its subsidiary SAIC Motor plan to invest 2 billion yuan ($292 million) to develop electric-gasoline and electric cars.

According to a report filed to the Shanghai Stock Exchange by SAIC Motor, the two companies will establish a joint venture with a registered capital of 600 million yuan, with SAIC Group contributing 540 million yuan, or 90 percent of the stakes of the joint venture, and SAIC Motor making up the remaining 10 percent with 60 million investment.

The total investment will hit 2 billion yuan, of which 100 million yuan will be earmarked for fixed assets and the rest in research and development.

SAIC Group is China's largest automobile manufacturer in terms of sales.