Changan Auto to launch 30 own brand models by 2010

Shanghai, March 27 (Gasgoo.com) Changan Automobile Co has reaffirmed its target to launch 30 own brand models and 12 self-developed engines before 2010, China state news agency Xinhua reported this week.

"Based on our strong R&D abilities and expanded output capacities, we feel confident about developing seven sedan platforms, 5 mini-car platforms and three engine platforms by 2010, a year when 30 new own brand models will already be rolling off the production line," said Xu Liuping, the company's CEO.

The Chongqing-based automaker has now established four R&D centers in Chongqing, Shanghai, Europe and Japan. From 2004 through 2008, Changan has delivered dozens of concept models and complete vehicle products with independent intellectual prosperity rights, including Benben, Jiexun MPV as well as the newly launched CV8.

Changan Auto plans to invest another 1.04 billion yuan ($149 million) to expand its sedan plant and set up a new engine production line. By 2009 the sedan plant will have a capacity of 400,000 units.

Last year, profits made by the Chongqing-based Chinese automaker rose by 28.39% year-on-year (y/y) to RMB 666.89 million. Overall revenues grew by 12.9% y/y to RMB 13.72 billion as the number of vehicles sold leapt 25.2% y/y to 770,546 units.