Chang'an Automobile, China's fourth largest automaker, will spend US$820m in 10 major global markets by 2020, a company executive said.

It aims to sell 400,000 vehicles annually outside China by then, said vice president Zhu Huarong.

"To make Chang'an a true international automaker, a strong foothold and long-term perspective are crucial," Zhu told China Daily in Frankfurt.

Chang'an will focus on further development in 10 major overseas markets, including Iraq, Algeria, Chile, Colombia, Peru and Ukraine.

"We will establish three major overseas manufacturing bases in Russia, Brazil and Iran, with about $700m investment, by 2020," said Zhu.

"Another $120m will be used for distribution channels and branding in our targeted markets."

He told China Daily that Chang'an also has ambitions to move into the mature and challenging western markets.

"We'll study the proper way to enter European countries, the United States and other markets," said Zhu.

Assuming those plans succeed, Chang'an will have 810 dealerships overseas by 2020, said Zhu. The company will generate 30% of total revenue outside China by then, with 5% coming from Europe and the US.

Chang'an has in recent years invested in opening R&D centres in Turin, Italy, Nottingham UK, Yokohama, Japan, and Detroit in addition to its R&D centre in China.