Jiangling Motor pour $17 mln to develop own-brand van

Shanghai, April 16 (Gasgoo.com) Board members of Jiangling Motor Corp approved of the plan to budget 118 million yuan ($16.9 mln) in the initial phase for development of an own brand vehicle model.

The money will be used to fund the research and development of a light commercial vehicle codenamed N800, the company announced yesterday.

Last year, the Jiangxi-based automaker sold a total of 95,059 vehicles, up 12% year-on-year, and its net profit rose 20% to 759.2 million yuan from 628.9 million yuan.

Jiangling Motor is 30% owned by Ford. This gives it access to the Transit LCV model, one of the most popular vehicles of this type in China. In 2007 26,585 Ford Transits were sold, up 16% from the previous year.