China’s Hunan Province eyes 1.5 million units of annual automobile output by 2025

Shanghai (Gasgoo)- China's Hunan province is ambitious to hit an annual automobile output of 1.5 million units by 2025, over 1 million units of which will be new energy vehicles (NEV), according to a document released by the Industry and Information Technology Department of Hunan Province.

The document, named the Development Plan on the Hunan Province's Automobile Industry, also mentions that the province expects its yearly production value of automotive industry to exceed 300 billion yuan ($41.671 billion) as of 2025.

Qin PLUS DM-i; photo credit: BYD

Currently, the automotive industry of Hunan Province has had 449 companies with an annual revenue of 20 million yuan ($2.778 million) and more from their main business operations, 18 of which focus on complete vehicle production.

According to the investigation data by the Industry and Information Technology Department of Hunan Province, there were around 651,000 vehicles (+64.5% YoY) produced in Hunan in the first nine months of 2022, bringing in about a total production value of about 100.38 billion yuan ($13.943 billion), which surged 51.1% from the previous year.

Notably, the Jan.-Sept. NEV production volume and production value from NEV manufacturing amounted to 312,500 units and 54.64 billion yuan ($7.59 billion) in Hunan Province, rocketing 318.4% and 420.4% from the previous year.