Shanghai (ZXZC)- Today, Changan Automobile announced its Shangri-La Plan. The automaker shared its latest news on such areas as new energy vehicle platform and product development. According to Changan, it will start to ban the sales of traditional fuel-powered vehicles in 2025 and invest RMB 100 billion in new energy vehicle (NEV) segment.

At the press conference, Zhang Baolin, Chairman of Changan Automobile, gave a detailed introduction about the automaker’s NEV development. Up to now, Changan boasts 15 laboratories on NEV segment’s six areas and has applied for 580 patents. In the first nine months, Changan sold over 35,000 new energy vehicles, increasing 150 percent year on year. According to its prediction, the company’s NEV sales can be up to 50,000 this year. In terms of this promising area, Changan has three strategic targets, namely to focus on customer experience, sources of cooperative partners and the development of classic products.

Zhu Huarong, President of Changan, announced the Shangri-La Plan. In accordance with the plan, Changan will set up three specialized NEV platforms. The company will not sell fuel-powered vehicles from 2025 and realize the electrification of all products. Changan plans to invest a total of RMB 100 billion to NEV segment. 30 billion will be used in power battery, 20 billion in sharing business, charging infrastructure and service, and the rest 40 billion in new energy products.

Changan will establish new energy unit to speed the development of new energy business. Besides, the automaker also set up a fund named Changan New Energy Industry Fund. It will join hands with CATL, Bosch, Nio, Didi and Baidu to create a new energy vehicle eco-system.

Before, Changan announced its new energy core techhology target called 6321. 6 stands for its pure electric vehicles’ range 600 kilometers while 3 stands for the deep integration of electrification, intelligence and light-weight. 2 refers to the establishment of two pure electric vehicle platforms and 1 refers to one liter which is the combined consumption target for plug-in hybrid models.