Visitors watch a vehicle by Saab. [Photo/Asianewsphoto]

The Guoneng New Energy Automobile Corporation and the Guoneng Automobile Technology Development Corporation recently launched new projects in the Tianjin Binhai Innovative and High-Technology Area.

The corporations will develop and produce battery electric vehicles and extended range electric vehicles. They will also provide finished automobile and major assembly research and development (R&D) services to domestic and international automobile corporations.

After the launch, technology from Swedish automobile corporation Saab will be brought into China's new energy automobile market. Relying on Saab's technology, a R&D center and talent cultivation base will be built to develop the country's automobile industry.

The Guoneng New Energy Automobile Corporation has invested three billion yuan ($483.9 billion) in the project. The projects are expected to be completed in the first half of 2016 and go into operation in 2017.

Saab Automobile started to develop electric vehicles in 1960s, and launched its first battery-powered vehicles in 1970. The corporation has a clear technological roadmap for battery electric vehicles and extended range electric vehicles.

As a major investor of Guoneng New Energy Automobile Corporation, the Guoneng Electric Vehicle Sweden Corporation bought the core capital, technologies, and intellectual properties of Saab Automobile in 2012 and has mastered the database and R&D team.

Relying on Saab's technological platform, the newly launched projects will improve the technological standards of Chinese brands and solve technological dilemmas in the country's automobile industry.

Many financial institutions think highly of the newly-launched projects in Tianjin. Bank of China signed an agreement with Guoneng New Energy Automobile Corporation that enables 10 billion yuan ($1.61 billion) of financial credit.