Guangzhou expects automobile capacity to exceed 5 million units in 2025

Shanghai (Gasgoo)- Guangzhou is ambitious to see its automobile capacity surpass 5 million units in 2025, according to a document approved by Guangzhou municipal government on August 24 at a press conference themed the pandemic prevention and control and the work resumption.

The document, dubbed the Opinions on Speeding up the Development of Guangzhou's Automobile Industries (called “the Opinions” for short), said that the capital of Guangdong province aims to make the output value of automobile manufacturing industries with annual revenue of 20 million yuan ($2,890,382) or more exceed 1 trillion yuan ($144,519,110,000) on an annual basis in 2025, and a world-class automobile industrial cluster will take shape then.

(Photo source: GAC Group's WeChat account)

Moreover, until 2025, the commercial operation of hydrogen fuel cell vehicles will be initially realized in Guangzhou. In terms of annual NEV capacity, Guangzhou strives to be among the top 3 cities in China.

As for the ICV business, Guangzhou will work at hammering out a country-leading 5G-based IoV (Internet of Vehicles) standard system and building an enclosed zone for ICV (intelligent-connected vehicle) tests. By 2025, a state-level demonstration zone for the applications of smart traffic and ICVs based on mobile broadband & Internet is expected to be basically completed.

According to the Opinions, Guangzhou also wishes to form a relatively complete world-class auto parts supply system in 2025.

To achieve the aforementioned targets, Guangzhou government will support traditional automakers in taking actions to integrating corporate businesses, conducting mergers & acquisitions and developing strategic cooperation. Those carmakers with independent R&D abilities will be rewarded with not more than 100 million yuan ($14,451,911) for five consecutive years for market promotion.

To accelerate the construction of NEV manufacturing bases and industrialization of NEV models, Guangzhou's authorities will grant one-off R&D award worth not more than 100 million yuan ($14,451,911) to an all-new self-developed NEV model whose first-year annual sales exceed 10,000 units, according to the Opinions.