SAIC

The Pocco Duoduo, a new car from local Chinese carmaker Pocco that competes with the Wuling Hongguang Mini EV, will open for pre-sale on August 6, the company announced Thursday.

SAIC passenger car sales in July were nearly 70,000 units, up 17 percent year-over-year, and cumulative sales from January to July were up 54 percent year-over-year.

Mini EV is priced at RMB 28,800 ($4,451)-RMB 43,600, and its parts cost up to about RMB 20,000.

The top 10 companies are SAIC Motor, Chery, Changan, Dongfeng Motor, GWM, Geely, BAIC, Tesla, JAC Motors and Sinotruk.

SAIC Motor, China's largest local automaker, announced on July 20 that it has signed an agreement with Inner Mongolia's Ordos municipal government to invest 2 billion yuan ($308 million) to build a fuel cell heavy truck chain there between 2021 and 2025.

SAIC Motor said it has invested nearly RMB 60 billion ($9.26 billion) in new energy research and development in the past five years, thus building up a technological advantage in the new energy and smart networked field.

SAIC Motor aims to sell 550,000 units in overseas markets this year and the target is 1.5 million units by 2025.

In view of the fact that SAIC's fuel cell vehicle forward-looking technology R&D project no longer fits the environment and trend of accelerated development of the fuel cell industry, the company decided to terminate the above projects.

SAIC Group recently said its new generation of power battery system will go into production by the end of this year, achieving zero thermal runaway, and that the technology will be used in the latest high-end models of its R brand.

Chinese auto giant SAIC Motor will put its solid-state batteries with "world-leading " technology into production by 2025, it said.