October 28, 2015 / 8:00 AM / in 4 years

UPDATE 1-China's SAIC investing more than $3.2 bln in new energy vehicles

* Aims to sell 600,000 green cars by 2020

* Green car sales tripled ytd in China (Adds context)

BEIJING, Oct 28 (Reuters) - China’s SAIC Motor Corp Ltd said on Wednesday that it would invest more than 20 billion yuan ($3.2 billion) in new energy vehicles in the next five years.

The company aims to develop 30 green energy models and targets total sales of 600,000 units by 2020, it said in a statement on its website.

The country’s largest automaker also announced a partnership with the municipal government in Shanghai’s densely populated Huangpu district to invest 300 million yuan in charging stations and services related to new energy vehicles. SAIC aims to build 50,000 charging stations nationally by 2020.

The Chinese government is using subsidies and emissions targets to push automakers to develop green energy cars, which it sees as its best shot at closing a competitive gap with global rivals.

Sales of battery electric and hybrid cars have more than tripled so far this year, while overall vehicle sales have only increased a meagre 0.3 percent, according to latest data from the China Association of Automobile Manufacturers. ($1 = 6.3565 Chinese yuan renminbi) (Reporting by Jake Spring and Beijing newsroom; Editing by Michael Perry and Christopher Cushing)

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