Eric Tipan / Brent Co | May 02, 2017 10:06
China aims to be leading automaker in the world in 10 years
Don’t be surprised if you find yourself torn between a couple of China-made vehicles a decade from now.
With some 12 indigenous automotive brands already and numerous foreign joint ventures fueling the China’s burgeoning auto industry, the Red Dragon has announced that it aims to become one of the world’s top automakers in ten years.
China’s preliminary measures to achieve this include, increasing the development of new energy vehicles (NEVs) and modifying the existing laws regarding foreign ownership in joint-venture programs.
Using breakthrough technologies and increased sales globally by 2025, China hopes to corner a huge chunk of the global auto industry by manufacturing NEVs and achieving a yearly sales target of 2 million in the next three years.
According to the China Association of Automobile Manufacturers (CAAM), NEV sales in China last year reached 507,000, which is good enough for number one in terms of alternative fuel vehicles by any automaker. That number is 53% higher than in 2015.
China is currently the world’s largest auto market and estimates indicate that annual production will reach 30 million by 2020 and 35 million by 2025.