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FAW to budget US$1.7b for innovation

(chinadaily.com.cn)
Updated: 2007-07-17 15:20

Special coverage: Auto Shanghai 2007
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First Automotive Works Corp (FAW) announced it would pour 13 billion yuan (US$1.7 billion) into innovation in the next eight years.

"Some 8.8 billion yuan of the total investment will be used in developing new products. Another 2.5 billion yaun will go to facilities for production including software and hardware, and the remaining 1.7 billion yuan will go to 229 key technologies," said Zhu Yanfeng, general manager of FAW, talking about the car maker's eight-year plan.

FAW attaches great importance to innovation as well as cooperation with its partners, in attempt to stay ahead of the industry and forge a quality national brand. Already deeply rooted in the mainland, the auto maker is set to explore the overseas market, Zhu added.

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The full text is available in the July Issue ofAutoChina.