FAW: Sharp increase in R&D spending on local nameplates

BEIJING - FAW Group, the second-largest Chinese motor group, plans to increase R&D spending on its own-brand vehicles by 50 percent over the next five years.

Xu Jianyi, general manager of the State-owned company based in the northeastern city of Changchun, announced at the Beijing auto show that FAW plans to spend 19 million yuan in own-brand R&D from 2011 to 2015, up from 12.9 billion yuan the previous five years.