November 22, 2012 / 9:55 AM / in 7 years

GM rolls out China-developed electric car in world's top auto market

GUANGZHOU (Reuters) - General Motors Co (GM.N) rolled out its first China-developed electric car at the Guangzhou autoshow on Thursday as it ramps up its green car push in the world’s largest auto market.

The Sail Springo EV, with a starting price tag of 258,000 yuan ($41,400), will be initially available only at GM’s dealer outlets in Shanghai, the U.S. automaker said in a statement.

The car, developed and built by GM and its partner SAIC Motor Corp Ltd (600104.SS), has a range of 130-200 kilometres and a top speed of 130 kilometres per hour.

Encouraged by Beijing’s initiative to put 5 million electric and plug-in hybrids on the road by 2020, many domestic and foreign automakers are gearing up to tap the potential of green cars. SAIC launched its Roewe E50 electric car with a price tag of 234,900 yuan around two weeks ago.

Warren Buffett-back BYD Co Ltd (1211.HK) (002594.SZ) had also rolled out a financing package recently that allows fleet operators to buy its pricy electric car e6 in instalments.

Earlier in the year, GM launched its Chevrolet Volt plug-in hybrid in China.

($1 = 6.2302 Chinese yuan)

Reporting by Fang Yan in BEIJING and Kazunori Takada in SHANGHAI; Editing by Jacqueline Wong and Ryan Woo

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