Geely Auto plans to launch electric cars this year

Shanghai, March 5 (Gasgoo.com) Geely Auto chairman Li Shufu recently revealed that the company plans to launch electric cars in 2010, saying that some renewable energy vehicles will be displayed at the 2010 Beijing auto show in late April, SinoCast reported. 

Li said carmakers worldwide are developing green-energy cars, but such cars will not be widely commercialized within two years, as the development of renewable-energy vehicles is directly related with gasoline prices. Geely has been focusing on the R&D of green-energy cars and has made breakthroughs in this field.

In the coming five years, the company will launch five production platforms and more than 40 car models to produce and sell over 1.5 million vehicles per year by 2015. After its parent Geely Holding Group wraps up the Volvo deal to buy the brand from Ford Motor by June, Geely Auto will begin assembling Volvo cars in China.

In recent few years, Geely's products have been well received in the market, including electric cars as well as traditional gasoline and diesel vehicles. The company is researching new energy cars, joining its rivals in developing government-urged clean tech vehicles.

Geely's foray into new-energy cars comes as other Chinese auto companies such as BYD and Beijing Auto (BAIC) are pumping money into developing similar cars, aiming to cash in on state incentives and the nation's push for renewable energy.