(Yicai Global) April 12 -- SAIC Motor is to spend CNY300 billion (USD45.8 billion) on smart cars and the advanced technologies needed to build them over the next five years to transform itself into a high-tech enterprise from a conventional car manufacturer, China’s biggest carmaker said on April 9.

CNY300 billion has been approved for projects already in the pipeline and those to be launched before 2025, Chief Engineer Zu Sijie told Yicai Global. The financing will come from SAIC’s own funds as well as diversified channels such as by bringing in strategic investors and employee stock ownership schemes.

Shanghai-based SAIC will pour the money into developing a new centralized electronic architecture, service-oriented architecture software platform, a scenario-based service platform and an intelligent auto plant to build the next generation of smart electric vehicles, it said.

SAIC won't rule out putting its individual technologies and system architectures on open platforms for public use, Zu said.

The firm is also considering listing some of its subsidiaries in the near future, insiders told Yicai Global. The first one to go public is likely to be fuel cell developer Shanghai Hydrogen Propulsion Technology.

SAIC Motor’s share price [SHA:600104] was trading down 0.1 percent at CNY20.01 (USD3) at 2:40 p.m. China time today.

Editor: Kim Taylor