Pact to develop green cars
By Jin Jing |
August 5, 2010, Thursday
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Print Edition
Print Edition
ANHUI Jianghuai Automobile Co yesterday announced plans to form a 50-50 venture for developing new energy vehicles.
The light commercial vehicle producer said it has signed a deal with an affiliate of the Hybrid Kinetic Motors Corp in Tianjin.
The two companies pledged to develop alternative fuel vehicles with an initial investment exceeding 2 billion yuan (US$295 million).
Hybrid Kinetic was set up by Yang Rong, the founder of Brilliance China Automotive Holdings who fled to the United States in 2002 after being charged with economic crimes. Yang earlier announced plans to make 3 million engines a year in China.
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