A worker checks a car at a factory of the First Automotive Works (FAW) Group Co., Ltd. in Changchun, capital of northeast China's Jilin Province, Sept. 23, 2020. (Xinhua/Zhang Nan)
BEIJING, Aug. 9 (Xinhua) -- The total investment in China's auto industry exceeded 100 billion yuan in 2020, reported Beijing Daily last Friday quoting data from KPMG China.
The investment came as the Chinese auto market showed strong resilience, according to Norbert Meyring, head of Automotive with KPMG China. He mentioned that many new technologies are choosing China as the market for making their debut, and founders of some companies even consider specializing in the Chinese market.
In 2020, China continued topping the world in auto sales despite the COVID-19 pandemic and resulting challenges. The country sold 25.31 million units of automobiles in 2020, down 1.9 percent year on year, according to the China Association of Automobile Manufacturers (CAAM).
In the first half of 2021, China's auto sales rose 25.6 percent year on year to over 12.89 million units, data from the CAAM showed.
Looking into the 14th Five-Year Plan period from 2021 to 2025, innovation remains at the core of China's modernization efforts. As one of the key sectors and a link with hot areas of innovation, investment in multiple core segments of the Chinese auto industry, including large-scale vehicle electrification, is expected to keep increasing, said Raymond Ng, vice chairman with KPMG China.
Meanwhile, as China strives to realize the goal of peaking carbon dioxide emissions by 2030 and achieving carbon neutrality by 2060, new energy vehicle (NEV) will become a main trend of auto industry development in China, added Raymond.
In November last year, China unveiled a development plan for its NEV industry from 2021 to 2035, according to which NEVs are expected to represent 20 percent of the sales of new vehicles by 2025. (Edited by Su Dan with Xinhua Silk Road, sudan@xinhua.org)
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