Chinese automaker Dongfeng Motor announced on Tuesday that all of its wholly owned brands will produce EVs only from 2025. The company plans to spend 50 billion yuan (US$7.3 billion) on the switchover.
On Monday, Dongfeng launched three new brands: Quantum (power train), Mach E (EV), and Qingzhou (hydrogen vehicles).
The Quantum platform supports pure electric, extended-range, and plug-in hybrid vehicles. Dongfeng plans to develop its new vehicles on Quantum, with its range of over 1,200 kilometers at 11 kilowatt-hours per 100 kilometers.
The decision to focus exclusively on EVs comes after Dongfeng experienced a significant setback last year when sales dropped 28.5 percent, revenue declined by 18 percent, and net profit fell by 9 percent.
