Yang Rong planning green car investment

Yang Rong, the former Chinese automobile tycoon who fled the country after being accused of economic crimes, is preparing to launch an ambitious plan to make clean-tech cars in China.

The former chairman of Brilliance China Automotive Holdings plans to invest 40 to 45 billion yuan initially to set up a manufacturing base that can produce 3 million engines and 1 million vehicles, according to the Economic Observer.

The investment would focus on energy-saving cars with lower emissions and the first model would be launched in 2012, the newspaper said.