Manufacturing News

China targets 35 million annual vehicle sales by 2025

China is targeting annual sales of 35 million vehicles by 2025 and wants electric vehicles and plug-in hybrids to make up at least one-fifth of that total, the industry ministry said Tuesday.

The Ministry of Industry and Information Technology has published a market road map that predicts China's urbanization drive would boost annual vehicle sales 25 percent from last year's total.

Last year, China's vehicle sales totaled 28 million units. Automakers are aggressively developing EVs and plug-in hybrids to meet stringent new government quotas.

EV and plug-in hybrid sales should reach 2 million units by 2020 and will account for more than 20 percent of total vehicle sales by 2025, the ministry said. That implied annual sales of 7 million EVs and plug-in hybrids within the next decade.

Local champions
EV and plug-in hybrid sales have risen dramatically with the help of government subsidies, but still represented less than 2 percent of China's overall auto market last year.

The ministry also said it would push to create local champions in the industry who would be increasingly competitive with foreign rivals in China and in overseas markets.

"The quality of Chinese-brand vehicles has clearly risen, while brand recognition, reputation and global influence are much stronger," the ministry said. "By 2025, we should have some Chinese vehicle brands that are in the global Top Ten by sales."

Domestic automakers such as SAIC and Geely Automobile Holdings already are challenging better-known foreign rivals with new models and marketing strategies.

Loosened rules on JVs
The ministry added that it would consider loosening rules on foreign joint ventures in China. Foreign carmakers are limited to a 50 percent stake in Chinese joint ventures.

"We will loosen joint venture ownership restrictions in an orderly manner," the ministry said, without elaborating about a time frame or what stake foreign carmakers may be able to own.

The ministry added that Chinese carmakers would also look to increase exports to developed nations over the next decade, and improve battery technology for EVs and plug-in hybrids.

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