SAIC Motor Corp, China's largest carmaker, has said it plans to invest $879m (£531m) over the next two years to develop and manufacture eco-friendly vehicles.
The amount will be split equally into three areas: research and development, component manufacturing and construction of auto manufacturing facilities, SAIC chairman Hu Maoyuan told state-owned Xinhua news service earlier this week.
The carmaker plans to launch the Roewe 750, a hybrid sedan based on the UK's Rover 75, in China next year. An all-electric model, the Roewe 550 is slated to follow in 2012, according to local media reports.
At the Shanghai Motor Show in April, SAIC displayed a prototype fuel cell-powered sedan based on the Roewe 750. Developed in partnership with the automotive engineering school of Shanghai's Tongji University, it is thought to be the only hydrogen fuel cell car made in China. A launch date for the vehicle has not yet been announced.
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