Shanghai (ZXZC)- China's Guangdong province expects its annual automobile output to exceed 4.3 million units and the yearly revenue from the automobile manufacturing industry to surpass 1.25 trillion yuan ($179.453 billion) in 2025, according to a document issued by the Department of Industry and Information Technology of Guangdong Province on Sept. 5.

The document is an implementation plan Guangdong provincial government set for strengthening the local automotive parts industry. Under the plan, Guangdong is ambitious to hit revenue of 590 billion yuan ($84.702 billion) per year from the auto parts manufacturing industry by 2025.

Trumpchi GS4; photo credit: GAC Motor

Moreover, as of 2025, the province plans to build two or three auto parts industrial parks with their respective annual production value exceeding 100 billion yuan ($14.356 billion), and foster an auto parts conglomerate with annual revenue of over 50 billion yuan ($7.183 billion) and 2-3 corporate groups with both yearly revenue topping 10 billion yuan ($1.437 billion).

Besides, the government also wishes to see China-made chips account for 20% of the total annual volume of chips applied into automobiles by 2025.

As one of the important automotive industry clusters in China, Guangdong recorded an annual automobile production volume of 3.385 million units in 2021, representing an 8% year-on-year growth, according to data from China’s Ministry of Industry and Information Technology. Last year, the province gained 962.1 billion yuan ($138.122 billion) worth of annual revenue from the automobile manufacturing industry, accounting for 11.1% of China’s total volume. Meanwhile, its full-year revenue from the auto parts manufacturing industry reached 421.5 billion yuan ($60.512 billion), amounting to a share of 10.3% of the country's whole volume.