Jianghuai Auto (aka JAC Motors) is a relatively unknown – at least in the U.S. – Chinese truck and SUV manufacturer that has come forth with huge plans to invest billions to produce a million hybrid and electric vehicles in the near future. JAC Motors announced plans to invest 30 billion yuan ($4.43 billion U.S. at the current exchange rate) to set up a joint venture (JV) with Tianjin Zhengdao Stock Investment & Management Co. The JV plans to build at least one million electric and hybrid cars within eight years of opening a new production facility in China.
To date, the JV has registered capital of 700 million yuan ($103.4 million U.S.) and, although it's a start, a lot more funding will be needed to reach its multi-billion dollar goal. JAC Motors is determined to jump on the chance to collect a significant amount of government funding as it tries to be one of the three to five Chinese automakers selected by the government to bring advanced technology vehicles to the masses. Other Chinese automakers have struggled to gain a foothold in both the hybrid and EV markets, making us a bit doubtful about JAC's chances as well.
[Source: The Wall Street Journal]