(Yicai Global) Feb. 5 -- Chinese state-owned carmaker Dongfeng Motor Corp., aims to increase its overseas sales to 150,000 vehicles annually in 2020, up from 65,000 last year, as part of plans to transform itself into a mainstay on the European and US auto markets.

The Wuhan-based firm's export volume for cars and chassis reached 1 million units in 2017, and Dongfeng has now sold more 800,000 vehicles spanning over 30 models to over 80 countries and regions, the company said in a statement yesterday.

Dongfeng has built up its presence overseas in recent years and will leverage facilities abroad to facilitate greater sales. The company built its first assembly plant outside of China in Iran last year and has completed 30,000 cars there so far, while sales companies have been set up in Russia and ASEAN countries such as Vietnam.

The firm aims to step up development efforts in countries along the Belt and Road Initiative.

China's auto exports bottomed out last year with cars sold overseas reaching 1.04 million, up sharply from 730,000 units in 2016. The expansion follows years of decline since exports first reached 1.0 million in 2012.

The Belt and Road Initiative has provided policy, capital and other support for automobile firms, with many enterprises establishing facilities along the associated routes.