AsianFin -- China will push for the strategic restructuring of state-owned automobile enterprises to enhance industry consolidation, the State-Owned Assets Supervision and Administration Commission (SASAC) announced at the China Electric Vehicle 100 Forum.
SASAC oversees three central state-owned automotive firms: FAW Group, Dongfeng Motor, and China South Industries Group (CSGC), the parent company of Changan Automobile.
On Feb. 9, Dongfeng Automobile, Dongfeng Electronic Technology, and other listed units of Dongfeng Motorrevealed potential changes in their indirect controlling shareholders. Meanwhile, Changan Auto, Dongan Auto Engine, Great Wall Military Industry, and Jianshe Industry Group—all under CSGC—also disclosed ongoing restructuring plans with other SOEs.
The initiative aims to consolidate resources in research, development, and manufacturing, leveraging market advantages to accelerate the creation of globally competitive, world-class automotive groups, said Gou Ping, deputy director of SASAC. These groups will focus on independent core technologies and lead the transformation of intelligent and connected vehicles, he added.
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