Geely Holding Group says it will invest heavily in research and development (R&D) in coming years as part of efforts to achieve its ambitious sales goal.
Yang Jian, Geely's executive vice-president, said he hoped with the successive completion and operation of the new projects in Ningbo, Taizhou and Shanghai, the annual production capacity of complete vehicle will rise to 1 million by 2010, of which China production bases and oversea bases will account for 770,000 and 230,000 units respectively; Engine production capacity will also rise to 1 million units, and new engines and 15 new transmissions will also be developed independently.
Domestic market share is to reach 8% with annual sales of 800,000 units by 2010, including 650,000 sales in China and 150,000 sold overseas, he said.
