Just a few days ago, the first domestically developed and produced Chinese hybrid vehicle rolled off the assembly line.

"It took us 6 years to develop this hybrid, and it marks the beginning of mass production of hybrid vehicles at our company today," said Xu Liuping, the president of Changan Automobile at a celebration ceremony.

The Jiexun is claimed to have 20 percent lower fuel usage than conventional vehicles with tailpipe emissions that can meet advanced EU-IV standards.

According to Xu:

"the Jiexun-HEV was a major component of the 'electrified automobile program' in the state backed high-tech plan, known as the 863-Plan. With a development period of six years, the car had finally become a mass-produced model with internationally-advanced technologies."

Expect the Jiexun to get some press at next year's Olympics, with the manufacturer already committed to donated ten Jiexuns to the Olympic committee.

In terms of business levels, Changan Automobiles plans to invest 300 million yuan ($40.7 million) for hybrid technology breakthrough research and to implement volume production. Consider that amount for a moment. Would that even cover executive bonuses at any of the American Big Three, let alone the R&D and production enabling costs for a new technology?

Cost: Estimated to be 50 percent that of a Prius. At 150,000 Yuan, this translates to a little over $10,000 for a marketed Jiexun ... which has four doors ... which meets European pollution standards ... Is the Jiexun headed toward Europe (and the United States) post-Olympics press?

Hat tip to Celsias, AutoBlogGreen, and the Auto Channel.