Dongfeng Auto to invest $443 mln in green vehicles
August 13, 2010 - Dongfeng Automobile Co Ltd plans to invest 3 billion yuan ($442.9 million) to develop and build up capacity for green vehicles over the next five years, the China Business News said on Friday.
Dongfeng will be capable of making 50,000 electric vehicles by 2015, with cumulative output of green vehicles reaching 800,000 units by 2020, the newspaper quoted Deputy General Manager Zhou Wenjie as saying.
Beijing launched a pilot programme in five cities to provide subsidies to green car buyers as it steps up efforts to cut emissions in the world's biggest auto market.
Other Chinese automakers, including SAIC Motor Corp Ltd, are also investing aggressively in fuel-efficient cars.
Dongfeng is a subsidiary of Dongfeng Motor Group Co Ltd, which operate vehicle manufacturing ventures with Honda Motor Co Ltd, Nissan Motor Co Ltd and PSA Peugeot-Citroen.