Chery to spend 240 million yuan on R&D this year

The state owned automotive group, Chery Automobile, are planning to earmark 240 million [yuan] RMB ($35.2 mln) for R&D funds which will no doubt assist them in their plans to sell 700,000 vehicles in 2010.

Chery have plans to launch an impressive 17 new models in 2010 spread across their 4 sub brands, the M14 coupe, and Riich G3, Riich G6, as well as Reely X3 and X5 models are set to launch. New versions of Chery’s CVT gearbox are also set to launch later this year which will give Chery a boost in the technological department. The soon to be launched Riich G3 is going to be a compact sedan with the choice of 1.6L, 1.8L and 2.0L CVVT engines

Chery also has 9 new engines for 2010, which are a mixture of diesel and gasoline models, which could mean their supposed European expansion is on course for 2010.

On the new energy front, Chery are planning improve their ISG technology, and also plug in hybrid and pure electric technology, all three are expected to reach the mass production stage.

Chery are planning to invest 240 million RMB in R&D in 2010, whilst 2010 income is expected to reach 5 billion RMB. Chery are still working on their new R&D tech center which will be the largest of its kind in Asia when completed later this year, and will mostly focus on developing and designing ‘tomorrows cars.’