Shanghai Automotive Industry Corporation Group says it will invest more than CNY12 billion to develop new energy vehicles and actively progress the industrialization of the key components of new energy automobiles.

Li Jirong, the vice president of SAIC Group, has disclosed to the Chinese media that the company will adjust its product structure and mainly focus on new energy vehicles that are conducive to energy saving and emission control.

It is learned that SAIC Group has signed an agreement with Shanghai Municipal New Energy Automobile Vehicle Promotion Office to jointly promote the industrialization of new energy vehicles in Shanghai and form an advanced industrial system that is also competitive in the international market.

It is said that the CNY12 billion will be invested on 41 key projects, including the Shanghai World Expo new energy vehicle program and the high-tech industrialization project. A top manager of SAIC Group was quoted by local media as saying that the company is furthering the industrialization of new energy vehicles that combine mixed hybrid vehicles, strong hybrid vehicles, and electric vehicles in addition to progressing the industrialization of the key elements of new energy vehicles.

Previously, the Shanghai Municipal Government said that it would spare no efforts in supporting the industrialization of new energy vehicles by means of favorable policies, subsidies, government procurement, talent, and industry chain construction.