Dongfeng to invest 3 billion yuan in EV development

Wuhan, Hubei-based original equipment manufacturer Dongfeng Motor Corp. is to invest around 3 billion yuan (US$441.7 million) to develop and produce electric vehicles (EVs) in the next five years. The company plans to produce around 50,000 units per annum (upa) by 2015, and a cumulative total of 800,000 by 2020, said Deputy General Manager Zhou Wenjie. The company’s long-term aim is for 20% of all Dongfeng-branded vehicles to be powered by energy-saving and new energy technology. (August 13, 2010)