GAC: Aiming for Production/Sales of 3.5 Million Units and NEV Ratio of 20% by 2025

Development and production for batteries and e-drive systems, transforming into a tech company

2022/10/05

Summary

广汽集团销量

 Guangzhou Automobile Group Co., Ltd.'s (GAC Group) sales volume in 2021 was 2,144,000 units, making it the fifth largest automaker in the Chinese market. The breakdown is 447,000 units for own-brands and Chinese joint venture brands, 1,696,000 units for foreign joint venture brands, and 143,000 units for New Energy Vehicles (NEVs).

 The GAC Group is a large state-owned automaker in China and has two of its own passenger car brands under its umbrella: Trumpchi and Aion, which develops electrified vehicles. The Trumpchi brand focuses on the hybrid segment, with the goal of making hybrid variants available for all models by 2025. In addition, the Aion brand, whose sales volume has been growing rapidly in recent years, is expanding its production capacity and focusing on in-house development and production of batteries and electric drives. Among foreign joint ventures, the sales of GAC Toyota Motor Co., Ltd. (GAC Toyota) and GAC Honda Automobile Co., Ltd. (GAC Honda) have been strong. On the other hand, sales at GAC Mitsubishi Motors Co., Ltd. (GAC Mitsubishi) and GAC Fiat Chrysler Automobiles Co., Ltd. (GAC FCA) have been sluggish, with their sales volume in the last two years significantly lower than that prior to the COVID-19 pandemic.

 Under the "14th Five-Year Plan" (2021-2025), the GAC Group targets production and sales of 3.5 million units, aiming for an NEV ratio of 20%. The company also aims to achieve sales of over CNY 600 billion and a market share of over 12%. By 2030, the company aims to achieve a 50% share of NEVs for all vehicles sold in the entire group. It plans to achieve carbon neutrality for the entire life cycle of products by 2050. The GAC Group will invest CNY 100 billion to lead and promote DX (digital transformation) in the field of connected and the three key electric (battery/motor/electronic control) technologies. The company's goal is to become a leading, globally competitive company by 2037.


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