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China: Rail giant to develop green cars

China’s largest rail carrier, China South Locomotive & Rolling Stock Corp., intends to invest CNY442.2 million (USD64.8 million) in an effort to develop pure electric vehicles in keeping with Beijing’s policy of promoting green cars.

China South Locomotive plans to set up a joint venture with the Shanghai-listed Liaoning Shuguang Automobile Group to make the zero-emission vehicles, according to the company’s statement to the Hong Kong stock exchange. The two companies will expand two subsidiaries and set up an automobile sales unit.

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