China’s northeastern city of Changchun, home to the country’s oldest automaker FAW Group, has released a draft plan through 2030 to revamp its decades-old automotive sector, aiming to attract electric vehicle makers such as BYD and Xiaomi, News.Az reports, citing Reuters.
China’s domestic auto industry is expected to undergo significant consolidation, with the number of automaker groups projected to fall to about 15 by 2030, down from the current 71, according to the draft released earlier this week by the city’s industry and information technology bureau.
FAW Group has experienced declining production and sales in recent years, increasing expectations of restructuring pressure on the state-owned enterprise.
Changchun plans to leverage FAW’s headquarters presence to attract partners such as Leapmotor (9863.HK) to introduce new vehicle models.
The city is also targeting high-growth automakers including BYD and Xiaomi to establish northern production bases, smart vehicle R&D centers, and key component projects in order to diversify its industrial base.
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