Chinese heavy truck maker FAW Jiefang Automotive Company has announced plans to invest CNY 30 billion (USD 4.6 billion) by 2025 to develop new energy vehicles (NEVs).
The company, owned by China’s second-largest automaker, state-owned FAW, said it plans to develop battery-powered, hybrid and fuel cell electric trucks over the next five years.
It declared its goal of becoming an industry leader in the electrified truck segment by 2030, with the share of NEVs gradually increasing as a proportion of its overall sales.
Jilin-based company president Hu Hanjie said FAW Jiefang will contribute to China’s plan to peak carbon dioxide emissions by 2030 and achieve carbon neutrality by 2060.
FAW Jiefang is one of China’s largest commercial vehicle manufacturers, with sales up 11% to 360,000 units in the first seven months of 2021. Heavy-duty truck sales were just under 300,000 units, according to local reports, up nearly 13% year on year. year.
The company said it plans to build new energy “innovation” bases at nine domestic and foreign sites as well as a center dedicated exclusively to developing fuel cell systems for commercial vehicles.
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