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          BIZCHINA> Top Biz News

          


          

          
          		

          

          


          

          


          

          



          

          


 

          


          


 

          


          

          


 

          



          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.
          


          

          (For more biz stories, please visit Industries)
          

          

          

 



 



          


          


 

          

          

          


          

          


 

          


          


 

          


          


 

          


          


          


 

          

          

          
          		

          

          








           
          


           
          



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