Subsidy Will Assist JAC in Accelerating Research
2009-01-12 Source：english.chinabuses.com
ANHUI Jianghuai Automobile Co recently said it had received a 50-million-yuan (US$7.32 million) government subsidy to fund the development of a dual-clutch transmission.
The auto maker said its research into DCT products has been selected as a major program for self-development and technological innovation by the city government of Hefei, Anhui Province, where the company is headquartered, according to a statement to the Shanghai Stock Exchange. The program will run from this year to 2011.
DCT is the world's most advanced automatic transmission and is widely expected to be in big demand in China as its efficiency improves.
The financial support for JAC reflects the fact that Chinese car makers are benefiting from the nation's economic stimulus plans.
China has announced plans to spend 4 trillion yuan (US$586 billion) within two years to spur domestic demand. It is also offering big budget programs for industrial upgrades and to encourage companies to develop home-designed products.
A joint venture between the major international supplier BorgWarner and 10 major Chinese car makers was established in November as part of the central government's efforts to spur core car component construction.
JAC is China's leading commercial vehicle producer. It diversified to the passenger car market in 2006 to boost profitability.
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