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China's BAIC launches new energy auto subsidiary

Beijing Automotive Industry Holdings Co (BAIC), China's major carmaker, launched a new energy company in Beijing Saturday to produce pure electric and hybrid cars.

The affiliated Beijing New Energy Automotive Company is responsible for the R&D, manufacture and sales of key auto parts, electric cars, hybrid cars and charging systems, according to BAIC.

The company is expected to have an annual output of 20,000 to 40,000 new energy cars in 2011 with its own brand "Beijing."

BAIC displayed a "Beijing" electric car numbered "BE701"at the launching ceremony. The maximum speed of the car is 160 km per hour and it can run 200 km once charged up to its full, which takes one to 10 hours depending on the charging mode.

The "Beijing" electric car costs 12 kilowatt-hour electricity every 100 km. It can save more than 5,000 yuan (732 U.S. dollars) fuel costs every 15,000 km compared with the gasoline-driven cars.

BAIC is expected to have an annual sales revenue of 15 billion yuan from the new energy cars in 2015, accounting for 5 to 10 percent of its total sales revenue.