Chinese carmakers Dongfeng, Changan announce restructuring plans

Chinese automakers Dongfeng Automobile and Changan Automobile announced on Sunday night restructuring plans of their controlling shareholders, both of which are centrally administered state-owned enterprises (SOEs).

Dongfeng Automobile said in a filing that its indirect controlling shareholder Dongfeng Motor Corp is planning a restructuring with other central SOEs, which could result in a change in its indirect controlling shareholder, without affecting its actual controller.

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Chinese carmakers Dongfeng, Changan announce restructuring plans

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Chinese carmakers Dongfeng, Changan announce restructuring plans

On the same day, Changan Automobile issued a similar announcement regarding its indirect controlling shareholder China South Industries Group's restructuring plan.

Currently, the State-owned Assets Supervision and Administration Commission (SASAC) of the State Council directly supervises three centrally administered automotive enterprises - FAW Group, Dongfeng Motor Corp and Changan Automobile.

In the past two years, the three automotive enterprises have accelerated their transition to new energy, investing nearly 36 billion yuan (about 4.9 billion U.S. dollars) in new energy vehicles (NEVs) in 2023, with the investment proportion exceeding 60 percent.

Since 2024, the SASAC has frequently signaled its intent to accelerate the development of NEVs, offering support in areas such as assessment, innovation and industry integration.

Dongfeng Motor, based in central China's Hubei Province, reported vehicle sales of 2.48 million units in 2024, reflecting a 2.5 percent year-on-year increase, according to information released by the SASAC.

Meanwhile, Changan Automobile, headquartered in southwest China's Chongqing Municipality, achieved total sales of 2.68 million vehicles last year, marking a 5.1 percent growth compared to the previous year. Notably, the company's NEV sales surpassed 734,000 units, representing a 52.8 percent year-on-year surge.

China will impose temporary anti-subsidy measures on certain dairy products originating from the European Union (EU) starting Tuesday, China's Ministry of Commerce said Monday.

The measures will take the form of temporary countervailing duty deposits.

Preliminary evidence indicates that the imported dairy products originating from the EU receive subsidies, China's domestic dairy industry has suffered substantial damage, and there is a causal link between the subsidies and the damage, the ministry said.

The probe was initiated on Aug. 21, 2024, upon the application of the Dairy Association of China and the China Dairy Industry Association.

The probe has been conducted in accordance with Chinese laws and regulations and WTO rules, the ministry added.