Shanghai Auto Group Forms Hybrid Car JV
SHANGHAI -- A new energy car technology joint venture jointly founded by the Shanghai Automotive Industry Corp (SAIC Group) and its subsidiary SAIC Motor, has started operation in Shanghai.
The joint venture, called Shanghai Jieneng Automotive Technology Co., will focus on development of power and control system integration for hybrid and electric vehicles.
According to Zhu Jun, general manager of Shanghai Jieneng, SAIC plans to launch its first own-brand hybrid car on the market in late 2010. The new car named Roewe 750 1.8T can increase fuel efficiency by around 20 percent.
The joint venture has a registered capital of 600 million yuan, and a total investment of two billion yuan. SAIC Group invested 540 million yuan for a 90 percent stake, with SAIC Motor holding the rest ten percent with 60 million yuan.
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