Automotive News

Shanghai, November 16 (Gasgoo.com) Beijing Automotive Industry Holding Corp (BAIC) has unveiled its first self-developed electric car while launching a new-energy auto company, joining domestic rivals to tap potential demand for clean energy vehicles, Reuters reported today.

The model, known as BE701, is capable of going as far as 200 kilometer per hour when fully charged, with a maximum speed of 160 km/h, Beijing Auto said in a statement on Saturday at the launching ceremony. The carmaker didn't say when to start mass production of BE701.

However, Beijing Auto unveiled details of the new clean energy vehicle R&D and manufacturing facility it had just set up, involving total investment of 2.28 billion yuan ($334 million). The Beijing New Energy Automotive Co. aims to make 50,000 electric vehicles and 100,000 hybrid models a year.

Beijing Auto, a partner of Daimler AG, has set up this company to make clean energy vehicles only, which expects to sell between 20,000 to 40,000 Beijing-brand green cars annually in 2011. The new company aims to account for up to 10% of Beijing Auto's total sales by 2015.

The Chinese government unveiled a plan earlier in February to subsidize the purchase of clean-energy vehicles for public transportation fleets in 13 cities to help its auto industry develop green technology.