FAW to prioritize R&D on energy-saving products

Automaker China First Automotive Works Group Corp. (FAW) has allotted a budget of RMB4.23 billion (US$619.69 million) for research and development (R&D) in 2009, an increase of RMB1.61 billion (US$235.87 million) from last year. Priority will be given to the development of energy-saving and environment-friendly products. Meanwhile, the company has put up for auction its 100% stake in subsidiary Chengdu FAW Automobile Co. Ltd. for RMB502.35 million (US$73.59 million) at the Tianjin Property Right Trading Market. (February 19/ March 10, 2009)