SAIC, the nation's biggest car maker, may have less control in Ssangyong Motor Corp after the bankrupt South Korean company proposed to cut its stake by 80 percent.
Shanghai Automotive Industry Corporation Group (SAIC) said it will invest over 12 billion yuan ($1.76 billion) in the new energy automotive industry, and plans to roll out its own-brand new energy vehicles from next year, Shanghai Securities News reported.
SAIC MOTOR Corp yesterday said it plans to invest 12 billion yuan (US$1.76 billion) in the next three to five years to develop new-energy sedans and auto parts.
SAIC Motor Corp said it would launch a series of hybrid and electric vehicles by 2012 as Chinese car makers shift to a higher gear to commercialize new energy vehicles to meet growing market demand.
SAIC Motor Group Corp reported an 86 percent decline in net profit for last year as a result of slowing vehicle sales and its South Korean unit Ssangyong Motor Corp entering receivership.