BAIC to Invest RMB 3.7 bln to Develop Hybrid, Green Cars

BEIJING, Apr. 26 -- Beijing Automotive Industry Holding Corp Ltd, the fifth-largest auto maker in China, plans to invest around RMB 3.7 billion to develop hybrid and green cars, Dow Jones Newswires reported today.

Wang Dazhong, president of BAIC, said that the company will invest the money over the next few years.

BAIC will use technology it acquired from General Motors Corp's Saab unit late last year to develop mid-sized cars, he said.

In December 2009, BAIC spent EUR 140 million for the intellectual property rights for Saab's 9-3 and 9-5 car models, two engine technologies and two transmission systems. The purchase will enable it to roll out Saab-based cars as soon as 2011.

BAIC is the Chinese partner of South Korea's top auto maker, Hyundai Motor Co Ltd.