Chinese automaker FAW Group has announced that it had invested 12.9 billion yuan ($1.96 billion U.S. at the current exchange rate) in research and development funding from 2006 to 2010. Over that same time period, the automaker reportedly spent only 300 million yuan ($45.6 million U.S.), or around 2.3 percent of its total investment, on alternative energy vehicles. However, FAW Group registered 65 patents related to advanced technology autos, of which 38 were awarded by the United States Patent and Trademark Office.
Recently, FAW showed off its E-COO electric-drive concept car at the Guangzhou Auto Show. The E-COO utilizes a FAW-developed T series electric motor with the automaker's own VCT-I technology. To date, the E-COO concept has apparently logged nearly four million miles of reliability and performance testing.
On December 22nd, FAW Group's one millionth vehicle rolled off the production line, a significant milestone for the Chinese automaker.