Guangzhou Automobile Group Chairman, Zeng Qinghong China’s automobile industry will enter a stage of slight growth

Zeng Qinghong predicts slight growth for China's auto industry

【PhoneAuto News】Recently, PhoneAuto noticed that the 2023 China Automotive Chongqing Forum, with the theme of “Shaping the Future of the Industry in the Changing Times,” has been officially held. It is reported that the forum is hosted by the China International Trade Promotion Committee Automotive Industry Committee and the Chongqing International Automobile Exhibition Organizing Committee. Many leading figures and expert scholars from China’s automotive industry and enterprises were invited to gather in Chongqing and discuss the hot issues in the automotive industry from different perspectives. At this forum, Mr. Zeng Qinghong, Chairman of Guangzhou Automobile Group (GAC), gave a speech on the topic of “Innovation-Driven, Transformation and Upgrading, Co-Creation of China’s New Automotive Future.”

It is reported that Mr. Zeng Qinghong, Chairman of GAC, stated that developing new energy vehicles is a necessary path for China to move from a major automotive country to an automotive power. Zeng Qinghong believes that there are several trends in the future of the automotive industry, including: China’s automotive industry will enter a stage of micro-growth; the automobile market will enter an elimination race; domestic brands will have control of the “big three electric” powertrain; intelligent driving and artificial intelligence will iterate rapidly and Robotaxi may see explosive growth in the future.

According to data from the China Association of Automobile Manufacturers, in May 2023, China’s production and sales of new energy vehicles reached 713,000 and 717,000 respectively, an increase of 11.4% and 12.6% respectively compared to the previous month, and an increase of 53% and 60.2% respectively compared to the same period last year, with a market share of 30.1%. At the same time, in the first five months of 2023, China’s production and sales of new energy vehicles reached 3.005 million and 2.94 million respectively, an increase of 45.1% and 46.8% respectively compared to the same period last year, with a market share of 27.7%. It can be seen that China’s new energy vehicle industry is developing rapidly.

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