China’s Ministry of Industry and Information Technology (MIIT) has jointly issued its Work Program for Stabilizing Growth in the Automotive Industry (2023-2024) with other six government departments, stating that China aims to achieve vehicle sales totaling 27 million units in 2023, up three percent year on year.
In particular, new energy vehicle sales will reach 9 million units, up 30 percent year on year. At the same time, the value-added industrial output of the auto manufacturing industry will indicate a year-on-year rise of five percent in the given year.