Guizhou unveils five-year plan for new energy vehicle sector

Southwest China's Guizhou province recently issued a development plan for the new energy vehicle industry during the 14th Five-Year Plan (2021-25) period, which outlines rapid and robust growth.

Under the plan, by 2025, Guizhou's annual new energy vehicle output will reach 400,000 units with an output value of 100 billion yuan ($15.66 billion), making the sector a new pillar industry in the province.

By 2025, Guizhou's new energy vehicles will mainly consist of electric battery vehicles with some hydrogen cell vehicles and intelligent connected vehicles. Guizhou is also projected to become an important manufacturing hub for new energy vehicle components in China.

Under the plan, the province will expand its cooperation with automakers Geely and Chery, free up the output capacity of major vehicle manufacturers, accelerate the construction of major projects and reduce low-efficiency production capacity.

It envisages that by 2025, Guizhou's effective new energy vehicle production capacity will reach 500,000 vehicles annually, with capacity utilization topping 60 percent.

Meanwhile, Guizhou is expected to attract more investment, increase high-quality vehicle production capacity and shut down outmoded output capacity.