Feng Xingya, president of GAC Group, introduces the company’s technological breakthroughs in the automobile industry during its Tech Day in Guangzhou, the capital of Guangdong province. [Photo provided to chinadaily.com.cn]
The market share of China’s home-developed vehicles is expected to surpass half of the country’s total automobile market by 2025, according to a senior company executive of GAC Group.
“I am full of confidence in the development of home independently-developed vehicles – more scientific and technological contents incorporated in such vehicles will help boost sales in the near future,” said Feng Xingya, president of GAC Group.
Sales of home-developed cars increased 5.4 percent year-on-year to reach 627,400 units in May, accounting for 46.3 percent of the domestic market share, according to statistics from the China Passenger Car Association.
“Advanced technologies, especially those used in intelligent internet connected and new energy vehicles, will help accelerate development of home-developed automobiles,” he said.
Feng made the remarks during the company’s recent Tech Day, an annual event to mark GAC Group’s achievement in technological breakthroughs in the automobile industry.
Sales of the company’s independently-developed new energy arm Aion will reach half of its total sales by 2025, according to Feng.
“We are transforming from a manufacturer of traditional fuel vehicles to a technology-driven automobile company, led by cutting-edge technology in intelligent internet connected and new energy vehicles,” he said.
The company’s first round of financing for its new energy brand Aion is expected to be completed by August this year, according to Feng.