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Article: China: SAIC Group to invest 12b yuan in new energy cars.
- Article from:
- TendersInfo
- Article date:
- July 8, 2009
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Byline: Mamta03
Shanghai Automotive Industry Corporation Group (SAIC) said it will invest over 12 billion yuan ($1.76 billion) in the new energy automotive industry, and plans to roll out its own-brand new energy vehicles from next year, Shanghai Securities News reported.
The 12-billion-yuan package will be invested in 41 major projects, including new energy auto projects for the 2010 Shanghai World Expo as well as other high-tech industrialization projects, according to SAIC.
Li Jirong, vice president of SAIC, said over the weekend that the automotive industry would soon meet a bottleneck unless it shifts its focus to upgrading the product and ...