Jun. 4, 2012 (China Knowledge) - Zhengzhou Yutong Bus Co Ltd<600066>, a coach manufacturer and seller based in Zhengzhou, capital of Henan Province, has announced plans to invest around RMB 1.43 billion in technology upgrading, in a bid to increase its output capacity of new-energy vehicles.

In a statement filed with the Shanghai Stock Exchange, the company said the expansion plans are expected to add an annual output capacity of 20,000 new-energy vehicles, with proposed production base covering a land area of about 817 mu. The firm's current annual capacity is approximately 10,000 units.

The plans, however, is still subject to approvals from regulators.

Last month, the coach supplier produced 3,689 and sold 3,870 vehicles. For the first five months of 2012, Zhengzhou Yutong Bus's vehicle output grew 31.11% YoY to 17,600 units, while its auto sales totaled 17,500 units, up 22.25% from a year earlier.

Net profit earned by the company reached RMB 241 million in the first quarter of this year, up 36% YoY, and the firm's operating revenue for the period increased 33% YoY to RMB 3.97 billion.