Chinese automaker Changan aims to sell 3 million cars per year by 2025
BEIJING, August 24 (Reuters) – Changan in China 000625.SZ aims to sell 3 million vehicles per year in 2025 and 4.5 million per year in 2030, its chairman Zhu Huarong said on Tuesday.
Zhu said 35% of its sales in 2025 will be new energy vehicles (NEVs), including battery electric vehicles, plug-in hybrids and hydrogen fuel cell vehicles. Sixty percent of its sales in 2030 will be NEVs.
Sales outside of China will represent 30% of his business in 2030, Zhu added. VShangan, which operates a joint venture with Ford Motor FN, sold 2 million vehicles last year.
Changan based in Chongqing, which develops electric vehicles (EVs) with Huawei Technologies HWT.UL and CATL battery manufacturer 300750.SZ, plans to invest 150 billion yuan ($ 23.14 billion) in the intelligent the electric vehicle industry over the next five years.
VSHina, the world’s largest automotive market, is accelerating the development of electric vehicles to improve vehicle technologies and fight pollution. Authorities expect 20% of global sales in 2025 to be NEVs.
Changan Geely’s local rival 0175.HKaims to sell 3.65 million cars per year by 2025 while Great Wall 601633.SSthen targets 4 million units sold per year.
($ 1 = 6.4818 yuan Chinese renminbi)
(Reporting by Yilei Sun, Jenny Su and Brenda Goh; Editing by Kim Coghill and Gerry Doyle)
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