FAW invests

• Source: Shanghai Daily
• [16:59 April 30 2010]
• Comments

FAW Car Co has plans to invest 933 million yuan ($137 million) to develop self-branded vehicles, according to its statement to the Shenzhen Stock Exchange.

The investment, which includes 472 million yuan for research and development, will allow FAW to produce 60,000 self-branded mid-to-high class sedans.

FAW said the investment aims to diversify product line-up and expand market coverage to boost its brand image.

First-quarter net income of FAW gained 182 percent to 701 million yuan. Sales rose 66 percent to 842.9 million yuan, according to the statement.