Chinese automaker Dongfeng Motor Corporation said recently 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 company's millionth own-brand vehicle this year.

Dongfeng will invest over 30 billion yuan ($4.7 billion) in capital expenditure in the next five years and strive to raise its annual R&D investment to more than 3 percent of its sales revenue, Zhu said.

Dongfeng 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.