SAIC launches Roewe 750 hybrid
October 27, 2011 Category Automotive, Automotive Metals & Minerals
SAIC Motor Corp has launched its first new energy vehicles. The new Roewe 750 hybrid is a mid-to-high class sedan mainly targeting government departments with a price tag of CNY236,800. A CNY32,000 subsidy is offered on the model to public departments in 25 cities nationwide as part of a scheme to promote green cars. The Roewe 750 hybrid, equipped with a battery-powered electric motor, improves fuel efficiency by 20% compared to the gasoline version and uses only 7.5 liters per 100 kilometers. The company plans to sell 500 of the cars this year and 3,000 next year. China plans to have 1 million battery-powered vehicles on roads by 2015 to reduce emissions. The Roewe 750 hybrid is competitively priced against Toyota’s Camry hybrid, which costs about CNY300,000, and the Buick Lacrosse at CNY260,000. SAIC, the Chinese partner of General Motors and Volkswagen, has invested heavily in developing new energy vehicles in China, where foreign companies are also making aggressive moves. SAIC earlier formed a joint venture with U.S.-based A123 to develop and produce batteries. Next year, the carmaker will introduce a pure electric vehicle to the market in addition to the Roewe 550 plug-in-hybrid. SAIC aims to have a 20% share of China’s new energy vehicle market by 2015, the Shanghai Daily reports.
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