WUHAN - Dongfeng Motor Corporation, a major Chinese automaker, said on Dec 10 that it aims to triple sales of its own-brand vehicles to 3 million units by 2016.

Zhu Fushou, president of Dongfeng Motor, revealed the mid-term target at a ceremony that marked the production of the millionth own-brand vehicle this year.

The company will invest over 30 billion yuan ($4.7 billion) in capital expenditure in the next five years and strive to raise the annual investment on research and development to over 3 percent of its sales revenue, he said.

Dongfeng Motor sold 2.76 million vehicles, including over 900,000 own-brand vehicles, in the first 11 months of the year, an annual increase of 11.8 percent.