Chinese automaker Changan aims to sell 3 million cars annually in 2025

China’s Changan (000625.SZ) aims to sell 3 million vehicles a year in 2025, and 4.5 million annually in 2030, its chairman Zhu Huarong said on Tuesday.

Zhu said 35% of its sales in 2025 will be new energy vehicles (NEVs), including battery electric, plug-in hybrid and hydrogen fuel-cell vehicles. Sixty percent of its sales in 2030 will be NEVs.

Sales outside China will account for 30% of its business in 2030, Zhu added. Changan, which operates a joint venture with Ford Motor (F.N), sold 2 million vehicles last year.

Chongqing-based Changan, which is developing electric vehicles (EV) with Huawei Technologies (HWT.UL) and battery maker CATL (300750.SZ), plans to invest 150 billion yuan ($23.14 billion) in the smart electric vehicle industry in the next five years.

China, the world’s biggest auto market, is accelerating development of electric vehicles to improve vehicle technologies and combat pollution. Authorities expect 20% of overall sales in 2025 will be NEVs.

Changan’s local rival Geely (0175.HK)aims to sell 3.65 million cars a year in 2025 while Great Wall (601633.SS)is targeting 4 million units sales annually then.

($1 = 6.4818 Chinese yuan renminbi)