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China sets 2025 auto sales target below association forecast, vows tighter regulation

China sets 2025 auto sales target below association forecast, vows tighter regulation

By Swedan Margen

Fashion

China is targeting 32.3 million in vehicle sales in 2025, the country’s industry ministry said, below the 32.9 million units projected for the year by the China Association of Automobile Manufacturers (CAAM).

The target was part of a plan to support stable growth in the auto sector that China’s Ministry of Industry and Information Technology, along with seven other government agencies, issued on Friday (Sep 12).

The target for sales of new energy vehicles was set at 15.5 million units, up roughly 20 per cent from the previous year. That compares to CAAM’s forecast of 16 million units.

The plan also outlines conditional approval for Level 3 autonomous vehicles, and efforts to improve road safety, insurance frameworks and related regulations.

The plan includes measures to strengthen fair competition and foster an orderly market environment.

The industry ministry had said on Wednesday that it would launch a three-month campaign to crack down on false marketing and other online irregularities in the automotive sector.

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The supply chain efficiencies and cheaper labour and materials BYD and other Chinese carmakers enjoy at home mean they can still sell vehicles overseas at attractive prices.

The crackdown comes after regulations in the world’s largest auto market were tightened in May against an extended price war that has bruised automakers, suppliers and dealers. REUTERS

Originally published by businesstimes.com.sg. Syndicated material does not necessarily reflect the views of Grazia British.

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