As we've reported before, China is boldly aiming to be the worldwide leader in alternative technology vehicles. Though we don't doubt the country's ability to achieve this goal, several conflicting reports have shown that the nation has struggled to gain ground in the electric vehicle (EV) and hybrid markets. All that might change now that China's Ministry of Industry and Information Technology is preparing to roll out a massive investment plan that should help boost development of alternative technology vehicles, the Shanghai Securities News is reporting.
China's new ten-year investment plan (2011-2020) sets aside over 100 billion yuan ($14.7 billion U.S. at the current exchange rate) for the development and production of alternative technology vehicles. The plan is expected to be approved later this month and should go a long way towards helping China reach its annual production goal of 500,000 hybrids and EVs starting in 2011.
[Source: Shanghai Securities News via Bloomberg News]