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
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