SHANGHAI, Aug. 20 (UPI) -- China, the world's fastest growing auto market, plans to put more than 1 million electric and hybrid vehicles on the road, government officials say.
Sixteen large state-owned companies have formed an alliance to share resources to make China a world leader in alternative-fueled vehicles. Chinese media said the central government could invest nearly $15 billion in high-tech "green" auto technology as Beijing tries to lower pollution and greenhouse emissions.
"This is the kind of plan the government would like to happen, and they certainly have the resources to put behind it," Oded Shenkar, an Ohio State University professor of management and author of "The Chinese Century," told The New York Times.
The state-owned Assets Supervision and Administration Commission this week said China would like to produce 500,000 energy-efficient vehicles a year over the next three years.