SHANGHAI: 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.
The automaker also aims to nearly double its annual sales to five million units by 2015.
Guangzhou Automobile Group meanwhile also wants to get a foot in the green car market, with plans to work with its joint-venture partner Honda Group Co to develop electric cars in China.
Guangzhou Auto wants to start producing such cars next year and aims to sell around 200,000 new-energy units annually in 2015.
China's leaders are encouraging local companies to produce and market electric cars in the country, which overtook the United States in 2009 to become the world's largest auto market.
About 2,000 car and parts makers from 20 countries are participating in the Shanghai auto show, showcasing 75 new car models, 19 of them making their world premieres. A total of 1,100 vehicles will be on display.
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