FAW to invest 9.8b yuan towards new energy vehicle development
Gasgoo.com (Shanghai April 25) - FAW Group, one of China's leading automobile manufacturers and partner of both Volkswagen and Toyota, announced on the floor of Auto Shanghai 2011 that it would make a massive investment of 9.8 billion yuan ($1.51b) towards new energy vehicle R&D, the Beijing News reported today. FAW also confirmed that they would be releasing 13 new passenger and 3 commercial new energy vehicles by 2015. Xu Jianyi, president of FAW, said that the company will remain committed to selling pure and hybrid electric vehicles, as well as continuing to research hydrogen and biomass based fuel technology.
FAW's new energy endeavors are divided among its self-made models, with the Senya and Xiali vehicles responsible for pure electrics, the Besturn B70 (pictured) and upcoming Hongqi C131 covering hybrids, and the Besturn B50 taking the role of its plug-in electric entry.
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