China to Invest Billions in Electric and Hybrid Cars

From the New York Times:

The Chinese government, determined to become a world leader in green technology, says it plans 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 electric and hybrid vehicles.

The plan aims to put more than a million electric and hybrid vehicles on the road over the next few years in what is already the world’s biggest and fastest growing auto market.

The announcement, analysts say, is another example of how China seeks to marshal resources and tackle industries and new markets. The plan also underlines what China describes as its growing commitment to combating pollution and reducing carbon emissions.

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