OCTOBER 19, 2005
Shanghai invests heavily in cars
The Shanghai's city authorities have announced plans to develop their automobile industry so that it becomes less dependent on foreign partners. The automobile industry is seen as being at the centre of the city's five-year plan which begins next year. The news was announced by Le Jingpeng, the Deputy Director of the Shanghai Municipal People's Government's Economic Commission.
SAIC owns intellectual property acquired from MG Rover last year, and aims to increase the proportion of non-VW or GM branded cars it manufactures to 30% by 2010. The longer term aim is for SAIC to produce its own engines by 2015.
The company will laos do more research into hybrid and fuel cell cars.
The drive towards a stronger automobile industry underscores the investment made at the Shanghai International Circuit which was designed to promote the city's car business around the world.
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