China Great Wall Motor to invest $751 mln in R&D in 5 yrs

BEIJING Wed Oct 27, 2010 4:59am EDT

BEIJING Oct 27 (Reuters) - Great Wall Motor Co Ltd (2333.HK), China's largest sport utility vehicle maker, said on Wednesday that it will invest 5 billion yuan ($750.5 million) in research and development over the next five years.

Of the total investment, 3 billion yuan would be dedicated to new product development, Great Wall said in a statement.

Earlier this week, Great Wall broke ground for a new 5 billion yuan technical center, part of efforts to break away from its image as a maker of affordable, lower-end vehicles. ($1=6.662 Yuan) (Reporting by Fang Yan and Ken Wills; Editing by Chris Lewis)