Even though Ssangyong Motor, a Korean company, claims it does not have any plans to sue the Shanghai Automotive Industry Corporation (SAIC), Korean prosecutors said yesterday that SAIC illegally took information about gasoline-electric hybrid technology from Ssangyong in 2006. The Seoul Central District Prosecutors' Office has indicted seven engineers at Ssangyong for leaking the information to SAIC, which at the time owned 48.9 percent of the Korean auto company, without state permission. The K
The Shanghai Automotive Industry Corporation (SAIC) has been blowing a lot of smoke, so to speak, over its ambitions to produce alternative fuel vehicles for several years now. Having partnered with Tongji University's engineering faculty in 2005, SAIC invested nearly $300 million in a new division dedicated towards developing alternative propulsion systems. Now the Chinese automaker is finally tipped to launch its first hybrid as early as next year.
SAIC, China's largest home-market automaker, has just announced via a filing with the Shanghai Stock Exchange that it's entering into a joint venture to develop hybrid and electric vehicles. The project calls for a $300 million investment up-front, proving once again that green tech can be expensive. Technologies like electric vehicle transmissions and drivetrains will go through the research and development stages at the new company before going into production. SAIC is already partnered up wit