GAC Group, a leading automaker based in Guangzhou, capital of Guangdong province, has set a target in sales increase of 15 percent year-on-year in 2022, according to a senior company executive.

"The target is based on huge potentials in the new energy automobile market in the years to come," said Feng Xingya, president of GAC Group.

Despite the impact and challenges brought about by the global shortage of chips, rising cost of raw materials and resurgence of the COVID-19 pandemic in 2021, GAC achieved a year-on-year increase of 19.82 percent in operation revenues in 2021, according to the company's sources.

The company's production and sales of vehicles also increased year-on-year by 5.08 percent and 4.92 percent, respectively, in 2021.

"Development of more new energy vehicles and optimizing the production structure will be the key to sustainable business growth," said Feng.

Specifically, GAC Motor, an important arm of GAC Group focusing on development of domestically-made vehicles, will give priority to the production of more hybrids, according to Feng.

"Electrification is also a trend for joint-ventures within the group," he said.

Zeng Qinghong, chairman of GAC, said GAC Aion, which is the group's NEV arm, is expected to become a public listing in 2023, after it finishes the first round of financing in September this year.

"More strategic investors will be introduced to help us accelerate Aion's public listing," he said.

GAC Aion's sales of new energy vehicles increased 101.8 percent year-on-year to 120,200 units in 2021, according to the company's sources.