Chinese state-owned automaker Chang'an Automobile Group said it would spend around CNY30bn (US$4.74bn) on R&D over the next five years to strengthen new product development.

The automaker said it would spend 5% of its annual turnover between 2016 and 2020 and train more than 10,000 technical staff in this period as it looks to increase sales and market share in China and overseas.

Earlier this year, the company said it would allocate significant resources to the development of alternative fuel products such as electric and hybrid vehicles.

In the first nine months of 2015, Chang’an sold 751,000 vehicles – up 11% year-on-year.