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Great Wall plans to start making 1 million new-energy vehicles in China by 2025

Chinese car maker Great Wall Motor Co. Ltd. plans to start the production of a million new-energy vehicles, including electric minis, in China by 2025, South China Morning Post reported.

Great Wall President Wang Fengying said the auto maker will launch its own plug-in hybrid model under its new Wey brand by the end of 2018. The company plans to be a leading producer of new-energy vehicles over the next three to five years, Wang said. It currently sells only one new-energy model.

Wang said earlier that Great Wall plans to invest 20 billion yuan in research and development for electric vehicles for 2020. The company plans to increase its annual sales to 2 million vehicles by 2025. The company also signed a letter of intent with German car maker Bayerische Motoren Werke AG last month to potentially create a joint venture to produce electric minis.

Total vehicle sales in China increased 3% from 2016 to 28.9 million vehicles in 2017. Sales of new-energy vehicles rose 53.3% to 777,000 cars in 2017 from 2016, the SCMP reported, citing the latest figures from China Association of Automobile Manufacturers. But that number is well below China's official target of about 6 million to 7 million new-energy vehicle sales in the country by 2025.