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News from China First Automobile Works Group (FAW for short as below) says it will increase the investment on research and development (R&D) sectors in this year despite the global financial crisis is lingering. According to FAW"s statistics, its R&D investment increases 61 percent at last year and reaching total 4.23 billion yuan (619 million U.S. dollars). FAW believes that the global crisis is an opportunity for structural adjustment and innovation. It is a good opportunity to catch up with the world"s auto giants.
Besides that, FAW will focus on energy-saving and environment-friendly products this year, including pure electric cars and buses, hybrid autos, etc. FAW was founded in 1953. Headquartered in Changchun, capital of the northeastern Jilin Province, it has 28 wholly owned subsidiaries and a controlling interest in 18 partially-owned subsidiaries.