China's Geely to press on with methanol vehicles, chairman says By Reuters

China's Geely to press on with methanol vehicles, chairman says By Reuters


© Reuters. FILE PHOTO: Zhejiang Geely Holding Group’s Chairman Li Shufu attends Baidu’s annual AI developers conference Baidu Create 2019, in Beijing, China July 3, 2019. REUTERS/Yilei Sun/File Photo

BEIJING (Reuters) – Chinese automaker Geely will keep working on vehicles powered by methanol even though the effort may fail, chairman Li Shufu said on Sunday.

Zhejiang-based Geely, among a small number of automakers developing methanol-powered vehicles, is testing methanol taxis in some western Chinese cities as well as developing methanol-powered trucks at its commercial vehicles unit.

Li said Geely, which owns Volvo Cars and 9.7% stake in Daimler AG (DE:), invested in Carbon Recycling International, an Icelandic company, to work on technologies to produce methanol with carbon dioxide, in a way to lower overall carbon emissions.

“We will keep exploring methanol vehicle technologies. Of course it might fail in the end, but currently we are still working on it,” Li told an industry conference in the western city of Chongqing, without elaborating.

Methanol fuel would boost China’s energy independence as the country has huge amounts of coal, which can be converted to methanol. Geely’s Li has also said he expects methanol vehicles to be cleaner than gasoline models.

Li did not offer details of the technology. He has told Reuters that Geely would expand production of methanol-powered vehicles.

Geely is also developing battery electric vehicles, petrol-electric hybrid cars and hydrogen commercial vehicles.

China, the world’s biggest auto market, is developing electric and hydrogen fuel-cell vehicles.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





Source link

Leave a comment

Send a Comment

Your email address will not be published.

Enter text shown below: