SAIC to launch first own-brand hybrid car in 2010

Shanghai, January 9 (Gasgoo.com) SAIC Motor Corporation will launch its first own-brand hybrid passenger car in 2010, xinhuanet.com said today.

Yesterday, SAIC Motor Corporation and its parent company Shanghai Automotive Industry Corporation (SAIC) officially inaugurated a powertrain joint venture (JV) — Shanghai Jieneng Automotive Technology, which will develop both hybrid and electric powertrains.

The new venture has a registered capital of 600 million yuan (US$88 million), with 90% ownership held by SAIC and 10% owned by SAIC Motor Corporation. The total investment in the business, which will develop both hybrid and electric powertrains, is planned to reach 2 billion yuan.

Zhu Junze, the president of the new hybrid powertrain technology JV, said that the vehicle will use a lithium-ion battery and cut fuel consumption by 20%.