AFP
April 19, 2011
China's FAW Group plans to invest $1.5 billion developing clean energy vehicles in the next five years, a report said Tuesday, as automakers seek to cash in on the burgeoning "green" car market.
FAW made the announcement at the Shanghai auto show, which opened to the media on Tuesday with carmakers from around the world showcasing a range of new models in the hope of finding Chinese buyers.
FAW, China's second-largest automaker by sales after SAIC Motor Corp, plans to spend 9.8 billion yuan developing 16 "new energy" passenger and commercial models by 2015, chairman Xu Jianyi was quoted by Dow Jones Newswires saying.
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