By Gabby Chen

Changan Auto (长安汽车), Chinese oldest automaker based in southwestern China's Chongqing city, announced that it would invest RMB200 billion ($28.75 billion) in the next ten years to accelerate its transformation into an intelligent and low-carbon car manufacturer, JW Insights reported.

It established its Changan Technology (长安科技) at the event marking the company's 160th-anniversary on December 25 in Chongqing.

Zhu Huarong, chairman of Changan Auto, said at the anniversary event that the company would launch more than 30 new models by 2025. Meanwhile, it will continue to cooperate deeply with Tencent (腾讯), Bosch (博世), and CATL (宁德时代) in new energy and intelligence sectors.

Changan Auto started in 1862 in late Qing Dynasty. It became a leading state-owned automobile manufacturer after New China in 1949. It produces and sells several its own brands like Changan, Oshan, Kaicene; It also operates joint ventures - Changan-Ford and Changan-Mazda.

Changan Auto will increase investment and R&D input through the newly established Changan Technology. It will aim at building new automotive industrial chain, developing an intelligence platform for vehicles, including to produce controller chips. The company set its goal of reaching a revenue scale of RMB100 billion ($14.37 billion).

Also, at the December 25 event, Changan Auto unveiled three new energy power systems - Changan Hydrogen Fuel Cell, Changan Intelligent Dual Drive (iDD), and Changan Power. Based on these three power systems, it will further improve its product portfolio and accelerate launching new models.

In addition, Changan Auto plans to sell 5.5 million units by 2030 and become the world's top ten carmakers in terms of delivery, said the company.