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On August 1, it was announced that a major Chinese automaker, recently transformed into a state-owned enterprise, aspires to be among the top ten automotive brands worldwide and plans to sell five million vehicles by 2030, as stated by the company’s leadership.
The company set an ambitious goal to reach five million units produced and sold annually by 2030, with over 60% of these being new energy vehicles, and more than 30% of sales targeted for international markets, according to a spokesperson during a recent media briefing following the restructuring.
Over the next five years, the automaker intends to roll out more than 50 new energy vehicle models globally, including at least seven premium models priced above 300,000 CNY (approximately USD 41,500). The company will continue developing its three core brands—Avatr, Deepal, and the main brand—covering both electric and traditional fuel-powered vehicles.
Looking ahead a decade, the company plans to invest over 200 billion CNY (roughly USD 27.6 billion) into new automotive technology and aims to expand its innovation team by more than 10,000 professionals.
The leadership emphasized a focus on the future of mobility, highlighting advancements in intelligent robotic vehicles. They plan to prioritize cutting-edge sectors such as artificial intelligence, optical quantum computing, flying cars, and humanoid robots.
In terms of collaborations, the automaker intends to strengthen partnerships with global auto giants like Stellantis, Ford, and Mazda. Additionally, it aims to deepen cross-sector cooperation with tech leaders such as Huawei and Tencent to develop a comprehensive ecosystem that drives significant engagement and traffic.
The company was officially established as an independent central state-owned enterprise in Chongqing on July 29, becoming China’s third major state-owned automaker after FAW Group and Dongfeng Motor.
In the first half of the year, the company reported revenues of 149.6 billion CNY (around USD 20.7 billion). It sold over 1.35 million vehicles during this period, a 1.6% increase compared to last year, with sales of new energy vehicles soaring by 49% to 452,000 units and international sales climbing 5.1% to 299,000 units.
For the full year, the company’s target is to sell three million vehicles, including one million new energy vehicles, with expected revenues reaching 355 billion CNY (approximately USD 49 billion).
Industry data shows that, during the first half, other major Chinese automakers, such as FAW and Dongfeng, sold 1.57 million and 1.06 million vehicles respectively, with FAW experiencing a 6.2% growth and Dongfeng experiencing a 16% decline from the previous year.
As China approaches a 50% penetration rate for new energy vehicles, state-owned automakers face increasing competition from private companies like BYD and Geely.
During a recent national legislative session, a government official highlighted that progress among state-owned automotive companies in the electric vehicle sector has been slower than desired. He noted that these companies will undergo separate evaluations focusing on technological innovation, market share, and future growth potential.
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