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SAIC to start mass production of hybrid cars in 3 years

Published: 09 Mar 2009 18:36:16 PST

Mar. 9, 2009 (China Knowledge) - SAIC Motor Corp Ltd<600104>, China's third-largest automaker, will launch home-grown hybrid gas-electric cars within three years, sources reported, citing Chen Hong, SAIC's president as saying.

The company aims to promote the self-owned brands and improve the innovation ability by investing RMB 6 billion in the R&D of hybrid car models, adding that lowering the production cost is now the core problem in promoting such cars in the market.

In addition, SAIC currently has no overseas acquisition plans and will focus on the business expansion in the domestic market this year. However, it will closely watch the global auto market.

SAIC's car sales in January and February increased 7.6% year on year mainly due to the government stimulus plan for the auto sector.

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