Earth Equity News

China to Invest $15 Billion in Electric Vehicles. By David Barboza, NYTimes, August 19, 2010. "The Chinese government, determined to become a world leader in green technology, says it is willing to invest billions of dollars over the next few years to develop electric and hybrid vehicles. The government said a group of 16 big state-owned companies had already agreed to form an alliance to do research and development and create standards for new electric vehicles and hybrid cars. The plan aims to put millions of electric and hybrid-powered vehicles on the road over the next few years in what is already the world's biggest auto market. According to some state-run media reports, the government could invest nearly $15 billion in the venture. The bold initiative was announced late Wednesday by one of China's most powerful bodies: the State-owned Assets Supervision and Administration Commission. Sasac, as it is known, operates under China's cabinet, or State Council, in Beijing. It oversees about 125 of China's biggest state-owned companies. Few details have been released, but the sheer scale of the investment is certain to jolt global automakers."