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.
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
Promotion of new-energy vehicle sales