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31-07-2007
China
First Automotive Works Corp (FAW) announced
it would pour 13 billion yuan (US$1.7 billion)
into innovation in the next eight years.
Some
8.8 billion yuan of the total investment will
be used in developing new products. Another
2.5 billion yuan will go to facilities for production
including software and hardware, and the remaining
1.7 billion yuan will go to 229 key technologies,
said Zhu Yanfeng, general manager of FAW, talking
about the auto maker eight-year plan.
FAW attaches great importance to innovation
as well as cooperation with its partners, in
attempt to stay ahead of the industry and forge
a quality national brand. Already deeply rooted
in the mainland, the auto maker is set to explore
the overseas market.
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