Dongfeng Motor Corporation, a major Chinese automaker, said Saturday 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 million yuan (4.7 billion U.S. dollars) 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.