China's third-largest automotive group, Dongfeng Motors, recently announced plans to invest a massive chunk of change into development of alternative technology vehicles. The company's future blueprint shows that Dongfeng will invest three billion yuan ($443 million U.S. at the current exchange rate) in an effort to speed up the commercialization of eco-friendly vehicles like hybrids and electrics.
Dongfeng Motors plans to initially focus on producing hybrid models, with hopes of selling 100,000 units by 2015. The automaker will move on to pure electric vehicles after the successful commercialization of hybrids. Dongfeng has set a lofty target of selling some 800,000 alt-energy vehicles by 2020. While this goal appears to be highly optimistic, Xu Ping, chairman of the board of directors for Dongfeng Motors, believes it's well within reach the company's reach, stating:
We have set new-energy vehicles as our mid-to-long term strategy, and we want to grab the business opportunity and lead the industry.

[Source: Shanghai Daily - sub. req. via Green Car Advisor]

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