China Sets Ambitious Goal For Automobile And NEV Sales

SHANGHAI, Sep 27 (SMM) – On September 1, Notice Of Seven Departments On The Issuance Of The Work Plan For Stable Growth Of The Automobile Industry (2023-2024) was jointly issued by the Ministry of Industry and Information Technology and other departments. The Notice states that in 2023, we will strive to achieve annual vehicle sales of about 27 million units, a year-on-year increase of about 3%. Among these, new energy vehicle sales will be about 9 million units, up about 30% YoY. The added value of the automobile manufacturing industry will grow by about 5% YoY. In 2024, the automobile industry growth will remain within a reasonable range, and the quality and efficiency of industrial development will be further improved.