Chinese vehicle manufacturer First Automobile Works (FAW) is planning to invest CNY7.2bn ($1.146bn) in research and development of products in 2013.
The total investment by the company during the period of 2011 and 2015 will reach CNY35.5bn ($5.65bn), according to the Beijing Times.
Out of the total investment, CNY10.5bn ($1.67bn) is expected to be spent on research in the Red Flag car series, CNY3bn ($470m) on electric cars and CNY5.5bn ($870m) on building passenger car research labs.
The company is expected to introduce nine Red Flag models in the next five years with total investments of CNY15.7bn ($2.49bn).
Investments by the company are expected to be made for improving its engines, transmissions, axles, car bodies, and automotive electronics.
In September 2012, the manufacturer had planned to build a new vehicle and truck assembly plant in Coega Industrial Development Zone (IDZ) in South Africa.
