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13-06-2007
Changan
Automobile Group, the fourth-largest automaker
in the mainland by sales, plans to invest 12
billion yuan in the next five years on research
and development to produce 30 self-branded auto
vehicles and 13 engines, including hybrids.
Chairman
Xu Liuping, who was appointed to the position
in February, unveiled the goal in what he described
as a "technology declaration".
Mr
Xu said that by 2010, the company would reach
total production capacity of two million units,
of which 60 per cent would be self-branded auto
vehicles. He did not disclose the financing
plan for the investment or a time-table for
rolling out the first self-branded car.
In
the past five years, Changan Automobile had
sold 2.6 million vehicles, had a turnover of
more than 100 billion yuan and profit of five
billion yuan, the unlisted company said.
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