SAIC eyes 20% of China's new-energy vehicle market

Shanghai, May 26 (Gasgoo.com) China's biggest automaker Shanghai Automotive Industry Corporation (SAIC) aims to capture a 20% market share in China' s new energy vehicle market by 2015, its chairman Hu Maoyuan said at an annual shareholders' meeting yesterday.

SAIC has decided to focus on the development of all-electric vehicles and hybrid vehicles. In addition to the 970 vehicles currently in their trial run at the 2010 Shanghai World Expo, the company will launch the Roewe 750 car, a new mixed model, saving 20% on fuel, at the end of this year. Besides, it will launch a strong hybrid vehicle, saving 50% on fuel, in 2012, Hu said.

"At present we are engaged in developing a vehicle with our own core technology, but not the current patented hybrid technology. We expect our market share in the new energy vehicle market to reach around 20% by 2015, just like it is in the traditional vehicle market." Hu added.

Additionally, SAIC predicts that this year China's auto sales will come to 15.5 million units, with the overall growth rising 13%, of which the passenger and commercial vehicles account for 17% and 6% respectively.

After accomplishing a sales goal of nearly 1.7 million units in the first half of this year, SAIC has set its 2010 sales target at 3 million units, Hu explained, adding that it will not be a problem to finish the goal in due course although the growth may get slower in the second half of this year.