Hu Maoyuan, Chairman of SAIC (Shanghai Automotive Industry Corporation (Group)), is seen at the China Energy and Environment Summit in Beijing, China, Tuesday, 3 November 2009. Hu Maoyuan, Chairman of Shanghai Automotive Industry Corporation, has disclosed to local media that SAIC Group will invest 6 billion yuan (US$880 million) over the next two years for research and development on new energy vehicles. At the China Energy and Environment Summit, Hu said that 2 billion yuan of the investment, will be used to set up a new energy vehicle R&D company, another 2 billion yuan will be used for manufacturing new energy vehicle parts and the remainder will be spent on building a car manufacturing plant. Hu stated that SAIC Groups plan is to launch a hybrid power car with fuel savings of 20%-30% in 2010 and launch a plug-in hybrid electric vehicle and an electric vehicle offering energy savings of 50% in 2012.
