SAIC Motor Corp, China's biggest automaker, said it plans to set up a venture with its State-owned parent that will invest 2 billion Yuan to develop clean-energy autos. The SAIC group will hold a 90 percent stake in the venture.

As one of the top 3 automotive corporations in China, Shanghai Automotive Industry Corporation (Group) (“SAIC” for short) is mainly engaged in manufacturing, sales, research and development, and investment in passenger cars, commercial vehicles and components, as well as related services trade and financial business. In 2007, SAIC once again topped the Chinese automotive groups for a sales volume of over 1.69 million units of vehicles, of which 1,137,000 are passenger cars and 553,000 commercial vehicles. In 2008, the company also entered the Fortune Global 500 list for its consolidated revenue of $22.6 billion (2007), ranking 373.