(Yicai Global) April 19 -- Shares in Chinese car manufacturer Dongfeng Automobile and vehicle parts maker Dongfeng Electronic Technology surged by the exchange-imposed daily limit of 10 percent today after their parent firm Dongfeng Motor Corp. announced that it will invest CNY100 billion (USD15.3 billion) over the next five years in smart products and technologies.

Dongfeng Auto’s share price [SHA:600006] ended the day at CNY7.13 (USD1.10). Dongfeng Electronic’s stock [SHA:600081] finished at CNY12.42 (USD1.91). Another unit Dongfeng Motor Group’s shares [HKG:0489] closed up 2.74 percent at HKD7.50 (USD1)

Wuhan, central Hubei province-based Dongfeng Motor plans to transform itself into a high-tech company from a conventional carmaker, Chairman Zhu Yanfeng said on April 17. It will form industry-leading advantages in intelligent driving, centralized electronic and electrical architecture and modular platforms for new energy vehicles, he added.

The company has also set the target of one million autos each from its own-brand commercial vehicle and passenger car units by 2025, it said.

This goal will put great pressure on its passenger vehicle division, an insider said. The firm only sold 340,000 passenger autos last year, so it will need to triple output in the next five years in order to meet this target.

It means that Dongfeng Motor will need to release several new models before 2025, he added.

The firm’s commercial vehicle sector sold 735,000 autos last year, so the increased output is within reach.

Editors: Tang Shihua, Kim Taylor