China's third-largest automotive group, Dongfeng Motors, recently announced that it's set to invest a massive chunk of change into the development of alternative technology vehicles. The company's future blueprint shows that Dongfeng will dish out three billion yuan ($459.7 million U.S. at the current exchange rate) in an effort to speed up the commercialization of eco-friendly vehicles like hybrids and electrics.
Electric Vehicles China
China's drive to become the worldwide leader in production and adoption of electric vehicles (EVs) appears to be unmatched. With incentives that reach $8,800 per battery-powered vehicle and the government's commitment of more than $14.7 billion for alternative technology vehicles, China may, as predicted by some, rise to the top of the industry.