China announces program for stable development of automotive industry, aiming for 9M annual sales of new-energy cars in 2023

On Aug. 25, 2023, China’s Ministry of Industry and Information Technology and other six government departments announced a program for the stable development of the automotive industry during 2023–2024.

Main targets

The program aims to achieve the following targets for 2023.

• Automobile sales: around 27 million vehicles (3% year-on-year increase)
• New-energy vehicle sales: around 9 million vehicles (30% year-on-year increase)
• Value added of the automotive industry: 5% year-on-year increase

Main plans

Promotion of new-energy vehicle sales