Changan Automobile is to invest US$1.57 billion in research and development over the next five years with a view to producing 30 self-branded car and 13 engines, the South China Morning Post reported. Describing the move as a "technology declaration," Chairman Xu Liuping said it would help the company reach total production capacity of 2 million units by 2010. He said that 60% of these would be own-brand cars, although he didn't offer spending or timetable details for the release of the first model. In the past five years, unlisted Changan has sold 2.6 million vehicles. The announcement comes after a number of Changan's domestic rivals have unveiled plans to develop higher-quality own-brand cars. Shanghai Automotive Industry Corp will spend US$1.18 billion on expansion this year, with priority placed on R&D. Chery Automobile has earmarked US$1.01 billion for R&D over the next decade out of a total expansion budget of US$3.91 billion.
You must log in to post a comment.
Yes, I would like to receive emails from China Economic Review. (You can unsubscribe anytime)
Copyright © 2018 SinoMedia Group Limited All rights reserved