Gasgoo.com (Shanghai August 25) - Chen Zhixin, executive vice president of SAIC Group and Director of SAIC Motor, said that the manufacturer would invest 22 billion yuan ($3.45b) towards developing a new own brand, the Beijing Times reported today.

According to Mr. Chen, in addition to constructing a production site and procuring the necessary equipment, SAIC would allocate 3 billion yuan ($470,429) of the investment to establish a new research and development department in order to increase its research capability. He added that the SAIC would introduce a plug-in electric hybrid under the new brand at the end of next year, as well as develop a new engine and gearbox in association with GM.

SAIC has reportedly already invested 12 billion yuan ($1.88b) in developing the new brand. The manufacturer hopes to achieve sales of 6 million vehicles by 2015, with the own brand making up for one-sixth of that amount. SAIC hopes to cover 20 percent of the Chinese electric vehicle market by that time.