FAW Group to invest more in R&D in 2009

FAW Group Corp, one of China's largest automotive group, plans to increase its investment budget in R&D by 42% this year, compared with that of a year ago, sources reported.

The company has set the target of investing RMB 13 billion in the R&D of its own brand in 2015, accounting for 3% of the sales revenue of its own brand vehicles.

RMB 8.8 billion of the total input will be used for the R&D of new car models, RMB 2.5 billion to be used for hardware and software equipment of the vehicles and RMB 1.7 billion for 229 key technological projects.

FAW will also further reduce the management fees and marketing costs by 10%, compared with the RMB 950 million saved in 2008.

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