19 Apr '11, 6am

China's FAW to invest US$1.5b in green vehicles

China's FAW to invest US$1.5b in green vehicles

SHANGHAI: China's FAW Group plans to invest US$1.5 billion developing clean energy vehicles in the next five years, a report said on Tuesday, as automakers seek to cash in on the burgeoning "green" car market. FAW made the announcement at the Shanghai auto show, which opened to the media on Tuesday with carmakers from around the world showcasing a range of new models in the hope of finding Chinese buyers. FAW, China's second-largest automaker by sales after SAIC Motor Corp, plans to spend 9.8 billion yuan developing 16 "new energy" passenger and commercial models by 2015, chairman Xu Jianyi was quoted by Dow Jones Newswires saying. The automaker also aims to nearly double its annual sales to five million units by 2015. Guangzhou Automobile Group meanwhile also wants to get a foot in the green car market, with plans to work with its joint-venture partner Honda Group Co to d...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific/vi...

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