JAC plans to invest $4.5 mln in EV project

Shanghai December 7 (Gasgoo.com) Anhui Jianghuai Automobile Co., Ltd. (JAC) announced yesterday that it plans to invest 29.8 million yuan ($$4.5 million) in verification equipment for pure electric vehicle R&D, 163.com reported Tuesday.

JAC will consolidate and develop its core business, the light truck and the Refine commercial vehicle, and bolster development of sedans, its strategic business, and take the initiative in developing new energy vehicles in the next five years, the company said in a statement.

Always adhere to the principle of "best quality and efficiency, and of building brands on quality", JAC said it will make itself a major automaker in China with relatively strong international competitiveness in five to ten years.

The company aims to boost annual sales to 1.3 million vehicles, generating sales revenue of 89 billion yuan by 2015, and to gradually increase the figures to 1.6 million and the sales revenue to 112 billion yuan.