One of China’s largest state-owned automotive conglomerates, FAW Group, has recently established a sub-entity, the FAW Technology Development Co., Ltd. with a registered capital of 50 million yuan.
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Established on April 9, 2020, FAW Technology Development Co., will focus on artificial intelligence, manufacturing radars and supporting equipment, and manufacturing and sales of intelligent vehicle equipment. It is wholly-owned by China FAW Group, the operating entity of FAW Group.
According to Beijing News, FAW Group is ramping up its presence in the field of intelligent technologies. In 2019, FAW Group invested 139 million yuan in the technological transformation project of intelligent network capacity of FAW’s Technology Center (General Research and Development Institute), which is expected to be completed in May this year. In March, FAW Group invested a total of 2.69 billion yuan in a new energy intelligent network innovation test base project in the Changchun Automobile Development Zone.