Chinese automakers are set to invest big in new-energy cars as the sector is witnessing notable growth in the country.
Analysts have forecast that China could replace US as the biggest new energy car manufacturer this year.
Shanghai’s China Business News has reported that since May, several enterprises such as BYD, Great Wall Motors and Lifan Group have announced proposals to invest total of 40 billion yuan in new-energy vehicles.
Also auto parts manufacturer SAIC Motor and Wanxiang Group is establishing a manufacturing facility for new-energy buses in Hangzhou with annual capacity of 5,000 buses.
The reports says the first half of 2015 has seen investment of about 100 billion yuan ($16.1 billion) flowing into new-energy car sector.
Ajith Kumar S