Dongfeng Automobile plans to invest CNY3bn (US$442.9m) to develop and build up capacity for green vehicles over the next five years, a Chinese media report said on Friday.
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China Business News quoted deputy general manager Zhou Wenjie as saying Dongfeng would be capable of making 50,000 electric vehicles by 2015, with cumulative output of green vehicles reaching 800,000 units by 2020.
The government in Beijing has launched a pilot programme in five cities to provide subsidies to green car buyers as it steps up efforts to cut emissions in the world’s biggest car market.
Other Chinese automakers, including SAIC Motor and BYD, in which US investor Warren Buffett and Daimler both have stakes, are also investing aggressively in fuel-efficient cars.
Dongfeng is a subsidiary of Dongfeng Motor which operates Chinese vehicle assembly joint ventures with Honda, Nissan Motorand PSA Peugeot-Citroen.
