FAW Car, a unit of FAW Group Corp, has said it plans to invest CNY2.1bn (around USD300m) in three projects to boost its capacity and competitiveness.
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FAW Car will spend CNY1.4bn to revamp its assembly lines to produce Mazda Motor Corp’s Mazda 6 and its own internally developed sedan, the B131, it said in a statement.
The investment would enable it to produce 60,000 Mazda 6 sedans a year by the end of this year and 80,000 B131 models annually in 2010, it said.
FAW Car also announced that it would build a CNY695m engine plant, nearly doubling its engine capacity to 90,000 units per annum from 50,000 units.
In a separate statement, the firm said it would also invest an additional CNY428.8m in an auto-financing subsidiary,
FAW Group, a local partner of Volkswagen and Toyota, said last year that it would invest a total of CNY13bn in the next eight years to develop vehicles carrying its own brand, Reuters noted.
FAW Car also reported that its 2007 net profit doubled to CNY552.87m.
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