FAW invests
By Jin Jing |
April 30, 2010, Friday
|
Print Edition
Print Edition
FAW Car Co has plans to invest 933 million yuan (US$137 million) to develop self-branded vehicles, according to its statement to the Shenzhen Stock Exchange.
The investment, which includes 472 million yuan for research and development, will allow FAW to produce 60,000 self-branded mid-to-high class sedans.
FAW said the investment aims to diversify product line-up and expand market coverage to boost its brand image.
First-quarter net income of FAW gained 182 percent to 701 million yuan. Sales rose 66 percent to 842.9 million yuan, according to the statement.
The investment, which includes 472 million yuan for research and development, will allow FAW to produce 60,000 self-branded mid-to-high class sedans.
FAW said the investment aims to diversify product line-up and expand market coverage to boost its brand image.
First-quarter net income of FAW gained 182 percent to 701 million yuan. Sales rose 66 percent to 842.9 million yuan, according to the statement.
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