The automobile output of Guangzhou in 2019 reached 2.92 million, ranking first in China. [Photo provided to chinadaily.com.cn]

Guangzhou is striving to build a world-class automobile industry cluster base, said Chen Jianhua, chief economist of the Guangzhou municipal industry and information technology bureau, during a press conference held in Guangzhou on Aug 24.

Guangzhou's automobile industry has maintained stable growth and the automobile output of Guangzhou in 2019 reached 2.92 million, ranking first in China. The production value of Guangzhou's automobile industry in 2019 reached 546.1 billion yuan ($79.02 billion), accounting for 28.4 percent of the city’s total industrial output value above designated size.

The city has released a document on boosting the development of its automobile industry on Aug 17, outlining several goals, such as achieving an annual automobile output of over 5 million by 2025, reaching a production value of 1 trillion yuan for its automobile industry above designated size, realizing the initial commercial operation of hydrogen fuel cell vehicles, as well as forming a relatively complete world-class auto parts industry supply system.

Major automobile companies are encouraged to carry out integration, mergers and acquisitions, as well as strategic cooperation to build globally outstanding brands. A bonus of up to 100 million yuan for market promotion will be rewarded to companies with independent research and development ability for five consecutive years.

New models independently developed by local companies achieving a sales volume of over 10,000 in the first year of their debut can receive a one-time subsidy of up to 100 million yuan.

The city will build a comprehensive base for the smart network automotive electronics industry, with manufacturing companies that are newly introduced into the base eligible to receive a reward according to their fixed investments.

The document put forward that an experts think tank on the automobile industry in Guangzhou will be established to hold roundtable conferences regularly, carrying out discussions in pressing issues spanning graphene batteries, all solid state batteries, and ultralight materials.