Chinese auto firms unveil new development plans
CHINA’S biggest automakers, including SAIC Motor, FAW, Dongfeng and GAC, have released their outlooks for the 14th Five-Year Plan (2021-2025), as a move to further enhance their products and technological innovation strength.
The nation’s auto industry is entering a critical period of transformation and industrial upgrade, and automakers have made their plans to clarify the goals and key tasks in the new round of development.
Zhang Xiaofeng, an independent market analyst, said: “In general, most of Chinese carmakers aim to accelerate research and development levels and bring consumers better products. Auto giants’ business conditions and domestic and overseas market performance will continue to improve by 2025, which will also be a good thing for car buyers.”
Xu Liuping, chairman of leading automaker FAW Group, said the company aims to achieve sales of more than 6 million vehicles, with an average annual growth rate of 8 percent by 2025. The firm, based in Changchun, northeast China’s Jilin Province, plans to achieve trillion-level operating income by that time.
FAW Group will improve its operating efficiency, enhance core competitiveness and promote innovation-driven, high-quality development.
Shanghai-based SAIC Motor, China’s largest automaker, aims to be one of the world’s top five auto companies during the 14th Five-Year Plan period and become a trillion-level group with global industrial competitiveness and brand influence.
SAIC Motor’s plan emphasizes both domestic and overseas markets. By 2025, the automaker hopes its annual overseas sales will reach 1.5 million vehicles, accounting for about 15 percent of its overall sales, and expects average annual compound growth rate reaching 30 percent.
Dongfeng Motor, headquartered in Wuhan, central China’s Hubei Province, aims to adopt the development paths of commercial vehicle and passenger vehicle simultaneously, and focus new-energy vehicle development.
Dongfeng revealed that it will launch over 20 new models on the market during the 14th FiveYear Plan. Over 50 percent will be NEV models. Dongfeng has launched its high-end new-energy brand named Voyah and hopes its annual sales will reach 150,000 units by 2025.