Dongfeng Motor invests 30 billion yuan to boost production capacity

Dongfeng Motor Corporation announced in Hong Kong Wednesday that the company will invest 30 billion yuan ($4.5 billion) to boost its production capacity in the next two years.

According to the company's report, Dongfeng Motor saw an increase in net profits, from 6.25 billion yuan ($ 953 million) to 10.98 billion yuan ($ 1.6 billion) in 2010, up 33 percent year-on-year.

Xu Ping, general manger of the company, said the investment will primarily be used to enhance production capacity and develop self-owned sub-brands.

Dongfeng Motor, which sold 1.95 million vehicles in 2010, plans to launch 14 new passenger vehicles in the next two years.

According to statistics released by the company, production capacity had reached 1.74 million units by the end of 2010 and it plans to experience an increase of 13 percent, to 1.97 million units by the end of 2011.