Hu Maoyuan, Chairman of SAIC (Shanghai Automotive Industry Corporation (Group)), is seen at the China Energy and Environment Summit in Beijing, China,
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Contributor:
Imaginechina Limited / Alamy Stock PhotoImage ID:
W9D23CFile size:
25.9 MB (803 KB Compressed download)Releases:
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2456 x 3684 px | 20.8 x 31.2 cm | 8.2 x 12.3 inches | 300dpiDate taken:
3 November 2009Photographer:
ImaginechinaMore information:
Hu Maoyuan, Chairman of SAIC (Shanghai Automotive Industry Corporation (Group)), is seen at the China Energy and Environment Summit in Beijing, China, Tuesday, 3 November 2009. Hu Maoyuan, Chairman of Shanghai Automotive Industry Corporation, has disclosed to local media that SAIC Group will invest 6 billion yuan (US$880 million) over the next two years for research and development on new energy vehicles. At the China Energy and Environment Summit, Hu said that 2 billion yuan of the investment, will be used to set up a new energy vehicle R&D company, another 2 billion yuan will be used for manufacturing new energy vehicle parts and the remainder will be spent on building a car manufacturing plant. Hu stated that SAIC Groups plan is to launch a hybrid power car with fuel savings of 20%-30% in 2010 and launch a plug-in hybrid electric vehicle and an electric vehicle offering energy savings of 50% in 2012.