BEIJING, (Reuters) – China’s northeastern city of Changchun, home to the country’s oldest automaker FAW Group, has released a draft plan through 2030 to revamp its decades-old auto sector, aiming to attract electric-vehicle makers such as BYD and Xiaomi.
Here are key points from the draft plan:
- China’s domestic auto industry is expected to consolidate significantly, with the number of automaker groups projected to fall to about 15 by 2030 from the current 71, according to the draft released earlier this week by the city’s industry and information technology bureau.
- FAW Group has experienced a decline in production and sales in recent years, increasing the likelihood of restructuring pressure on the state-owned enterprise.
- Changchun plans to leverage FAW’s headquarters presence to attract partners such as Leapmotor to introduce new vehicle models.
- The city is targeting high-growth automakers including BYD and Xiaomi to set up northern production bases, smart vehicle R&D centres, or key component projects to diversify its industrial base.
Reporting by Qiaoyi Li and Liz Lee; Editing by Sherry Jacob-Phillips
