News By Tag
* Electric Cars
* More Tags...
News By Place
China's Big Push Into Hybrids, Electric Cars
Top state-owned oil & power producers, military & aviation, & 2 biggest car cos, China FAW Group & Dongfeng Auto, involved Powerful BYD, where Buffett investor, developing battery-powered vehicles Aim 2 jump 2 top of value-added chain: $15 bn effort
says it plans to invest billions of dollars over the next few years to develop electric and hybrid vehicles.
It said a group of 16 big state-owned companies had already agreed to form an alliance
to do research and development, and create standards for electric and hybrid vehicles.
The government said the country’s top state-owned oil producers, power companies, several military and aviation companies,
and two of the nation’s biggest car companies, the China FAW Group and Dongfeng Auto, would be involved in the effort.
The announcement came shortly after General Motors and S.A.I.C., which is based in Shanghai and is one of China’s other big state-controlled automakers,
said they planned to form an alliance to develop more fuel-efficient engines and transmissions for global markets.
Another powerful Chinese company, BYD, which has an investment from Warren Buffett, is developing battery-powered vehicles.
The plan aims to put more than a million electric and hybrid vehicles on the road over the next few years
in what is already the world’s biggest and fastest growing auto market.
The announcement, analysts say, is another example of how China seeks to marshal resources and tackle industries and new markets.
The plan also underlines what China describes as its growing commitment to combating pollution and reducing carbon emissions.
According to some reports by state-run media, Beijing intends to invest nearly $15 billion in the venture,
which if true would make it one of the world’s most ambitious attempts to develop more energy-efficient vehicles.
The bold plan was announced by one of China’s most powerful bodies: the State-owned Assets Supervision and Administration Commission,
which just recently also ran huge globally-oriented ads seeking CEOs for many of China's top state-owned companies.
Sasac, as it is known, operates under China’s cabinet, or State Council.
From Beijing, it oversees about 125 of China’s biggest state-owned companies ...
To read more at http://www.economywatch.com’, go to:
# # #
EconomyWatch.com is the world's largest global, independent, economics community. Every month we serve over 750k users, who read and discuss economics, investing and finance topics.