FAW invests in own brand
By Jin Jing and Ding Yining |
April 24, 2010, Saturday
|
Print Edition
Print Edition
CHINA FAW Group Corp said it plans to invest 19 billion yuan (US$2.8 billion) in research and development over the next five years to accelerate development of own-brand vehicles and to boost sales.
The partner of Toyota Motor Corp and Volkswagen aims to sell more than 4 million cars by 2015 with its own-brand vehicles accounting for 50 percent of the total, FAW said during yesterday's media preview for Auto China 2010 in Beijing. Sales of FAW rose 27 percent to 1.94 million units last year.
Its ambitious plan signaled that China's home-grown car makers want to lift their portfolio to compete with international rivals which currently dominate the world's largest auto market.
FAW intends to further strengthen its core technologies and build up its international brand image, said Xu Jianyi, general manager of the car maker. One way to meet this goal is to focus R&D on home-grown vehicles.
Changchun-based FAW, which makes Besturn and Xiali self-branded cars, said 26 new or redesigned models will be rolled out by 2015. The plan will include 11 brand new vehicles, of which four are under the Redflag brand -- the oldest Chinese car nameplate.
After investing 300 million yuan in engineering, FAW's plug-in hybrid and pure electric cars will be launched in October on a trial basis.
Guangzhou Automobile Industry Group Co, which runs plants with Toyota and Honda, will start making its first self-brand vehicles this year, said general manager Zeng Qinghong. Its 2.0-liter Chuan Qi sedan was unveiled at Auto China 2010 yesterday.
The partner of Toyota Motor Corp and Volkswagen aims to sell more than 4 million cars by 2015 with its own-brand vehicles accounting for 50 percent of the total, FAW said during yesterday's media preview for Auto China 2010 in Beijing. Sales of FAW rose 27 percent to 1.94 million units last year.
Its ambitious plan signaled that China's home-grown car makers want to lift their portfolio to compete with international rivals which currently dominate the world's largest auto market.
FAW intends to further strengthen its core technologies and build up its international brand image, said Xu Jianyi, general manager of the car maker. One way to meet this goal is to focus R&D on home-grown vehicles.
Changchun-based FAW, which makes Besturn and Xiali self-branded cars, said 26 new or redesigned models will be rolled out by 2015. The plan will include 11 brand new vehicles, of which four are under the Redflag brand -- the oldest Chinese car nameplate.
After investing 300 million yuan in engineering, FAW's plug-in hybrid and pure electric cars will be launched in October on a trial basis.
Guangzhou Automobile Industry Group Co, which runs plants with Toyota and Honda, will start making its first self-brand vehicles this year, said general manager Zeng Qinghong. Its 2.0-liter Chuan Qi sedan was unveiled at Auto China 2010 yesterday.
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