SAIC to multi foil insulation build new energy car plant in Caofeidian

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SAIC to multi foil insulation build new energy car plant in Caofeidian
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SAIC to build new energy car plant in CaofeidianPublished: 27 Nov 2009 01:17:48 PST

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Nov. 27, 2009 (China Knowledge) – SAIC Motor Corp Ltd<600104>, the listed subsidiary of Shanghai Automotive Industry Corp Group, signed a framework agreement with the Tangshan municipal government on Wednesday to set up a joint venture plant in the city.

The JV plant, to be located in Caofeidian economic development zone, will be built into SAIC’s production base for new energy cars. The new plant will leverage on the advantageous geographic location and the rich natural resources of Caofeidian and is expected to satisfy the growing demand for green vehicles in the Bohai Bay Rim region, which has a population of around 250 million.

Reportedly, SAIC plans to launch a serious of new energy cars from next year, including hybrid cars and self-developed electric cars.

Earlier this month, Hu Maoyuan, chairman of Shanghai Automotive Industry Corp Group, said at an industry forum that the group would invest RMB 6 billion to develop and produce new energy cars over the next two years. The investment includes RMB 2 billion for the building of car-making factories.



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