SHANGHAI: China’s biggest vehicle maker is accelerating a push into alternative energy, targeting a lead in hydrogen cars as it moves beyond gasoline and electric autos.
China’s government is putting its policy might behind the technology — just as it has done with battery-electric vehicles — encouraging more companies to participate. Three industry sources familiar with policy discussions said authorities could announce a new policy as early as this month. SAIC, based in Shanghai, said it targets a valuation of 10 billion yuan for its hydrogen fuel-cell development arm in the next five years.
China now only has a fleet of over 7,000 hydrogen vehicles, compared with over 4 million pure battery electric and plug-in hybrid vehicles.
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