Chinese automobile sales to reach 30m to 35m units by 2025, SAIC Group CEO predicts

Gasgoo.com (Shanghai April 7) - On the floor of the Boao Forum for Asia's Opening Up and Integration of the Automobile Industry roundtable discussion, SAIC Group CEO Hu Maoyuan stated his prediction that Chinese automobile sales will reach 30 million units to 35 million units by around 2025, Caijing reported today. However, at the same time Mr. Hu added that he believes annual sales growth rates will decrease over the next few years.

Mr. Hu's comments received agreement from the roundtable's other participants, including Shanghai GM General Manager Ye Yongming, Toyota China Executive Deputy General Manager Dong Changzheng, Changan Automobile General Manager Zhang Baolin and Chery Automobile CEO Yin Tongyue. Fellow roundtable participants Beijing Hyundai Acting Deputy General Manager Li Feng, BAIC Group CEO Xu Heyi and Guangqi Honda Deputy General Manager Yao Yiming predicted those sales figures to be even higher, reaching 35 million units to 40 million units.

Increasing population and the Chinese government's proposal to raise average income levels were attributed as the major factors behind the predicted sales figures. Mr. Hu also pointed to the increasingly important role that new energy automobiles will play in the country. Mr. Hu predicts new energy models to make up ten percent to 15 percent of the country's total automobile sales in the future.