Major auto manufacturer Dongfeng Motor Co on July 17 released a new high-end new energy passenger car brand called Lantu in Wuhan city -- in Central China’s Hubei province -- as well announcing plans to establish a new subsidiary, according to officials at the Wuhan Economic & Technological Development Zone, where the company is based.
WHDZ officials said the Dongfeng Lantu will be the first high-end electric brand developed by State-owned automobile enterprises administrated by the central government.
They said it will be a new practice in the transformation and upgrading of China's automobile industry. At the same time, it also fills a gap in high-end electric vehicle products in the Wuhan automobile industry supply chain, they added.
Dongfeng Motor Co is the largest enterprise in Hubei province, the group ranked among the Fortune Global 500 companies.
With an annual output of more than 4 million vehicles, it is one of the top three in China's auto industry, owning many joint ventures and independent auto brands.
WHDZ officials said its new subsidiary -- Lantu Automotive Technology Co -- will adopt market-oriented independent operating methods, with a new strategy, a new organizational mechanism, new business model and a new team.
They said it does not belong directly to any subsidiary of Dongfeng Motor Co, instead forming a unique new organization model of integrated development.
