Chinese automaker Changan Automobile plans to spend CNY18bn (US$2.9bn) over the next 10 years to develop and market electric vehicles (EVs).
The Chongqing based company plans to sell around 2m EVs per year, produced in plants in Chongqing, Beijing, Shenzhen and Baoding.
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President Zhu Huarong cautioned the Chinese government does not have a comprehensive enough strategy for the automotive sector, particularly long-term plans to promote growth of alternative fuel vehicles.
He added that there is uncertainty regarding the government’s long term commitment to subsidising new energy vehicles.
Earlier this month, Changan unveiled its new EADO electric vehicle in Chongqing which has a top speed of 140km/h and can cover 120 miles/200km on a single charge.
The EADO is priced at CNY234,900-CNY249,900 (US$37,850-$40,300) and is targeted at government and corporate buyers, including taxi operators, as well as private buyers.
