(Yicai) April 30 -- China’s Dongfeng Motor Group plans to spend CNY60 billion (USD8.3 billion) over the next three years to bring out more new energy vehicle models, so that all of the new vehicles sold under its own brand are all-electric.

Dongfeng will launch 30 passenger NEVs and 14 commercial NEVs in the next three years, with 13 and seven of those, respectively, hitting the market this year, General Manager Zhou Zhiping said at the Beijing Auto Show.

Like other traditional Chinese automakers, Wuhan-based Dongfeng has been shifting to NEVs in recent years, investing heavily in research and development, as well as production facilities, to speed up the transition to electrification.

Dongfeng targets sales of 3.2 million vehicles this year, one million of which will be NEVs, Zhou added.

It sold 2.4 million cars last year, down 17 percent from the year before. Some 524,000 were NEVs. First-quarter sales jumped 28 percent to 660,000 from a year earlier, with those of NEVs surging 156 percent to 178,000.

Dongfeng owns the luxury EV brand Voyah and has joint ventures with Japan’s Nissan Motor and Honda Motor in China. Founded in 2019, Voyah plays a key role in Dongfeng’s transition to electric. Its first-quarter sales soared 188 percent to 16,000.

Voyah began its overseas expansion in Europe this year, as it landed in Italy earlier this month and plans to hit the Spanish, Portuguese, and Belgian markets before the end of the year.

Voyah will be doing business in 60 countries and regions through 500 overseas sales outlets by 2030, according to its latest expansion plan released at the Beijing Auto Show. The brand aims to sell more than 500,000 EVs abroad by 2030.

Dongfeng’s shares [HKG: 0489] slumped 6.3 percent to HKD2.85 (39 US cents) each in Hong Kong today. Other automakers also declined on Chinese stock markets. Dongfeng’s stock is down 27 percent since the end of last year.

Editors: Dou Shicong, Futura Costaglione