FAW budgeted 13 billion Yuan to develop own brand

China's First Automotive Works Corp (FAW) announced it would pour 13 billion yuan 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 mid-long term plan.

According to the plan, FAW will put more focus on developing own brand vehicles including the A00, A0, A, B, C, D-range in the next eight years. Based on the corporation's eleventh five year plan, FAW will launch a certain amount of new models each year. It is also revealed that the top-level Hongqi 1 is expected to go on sale in 2009.

Zhu also said FAW will fulfill a total of ten missions in roughly ten years through technological upgrades and innovations to better extend presence in the world auto market. Talking about the listing plan, Zhu said the automaker is preparing for a listing currently, but listing is not that important when it comes to improve technologies.

FAW at the same time is attaching great importance to cooperation with its partners in attempt to forge a quality national brand. Already deeply rooted in the mainland, the auto maker is set to explore the overseas market, Zhu added.