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.

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.

Chinese carmakers Dongfeng, Changan announce restructuring plans

Chinese carmakers Dongfeng, Changan announce restructuring plans

Chinese carmakers Dongfeng, Changan announce restructuring plans

Chinese carmakers Dongfeng, Changan announce restructuring plans

China's commissioning of "five essentials for aircraft carriers" marks a a significant achievement of the People's Liberation Army (PLA) Navy’s accelerated transformation and development, said Jiang Bin, spokesman for the Ministry of National Defense, at a press conference in Beijing on Saturday.

The "five essentials" refer to stealth carrier-based fighters, multirole catapult-assisted carrier-based fighters, fixed-wing carrier-based early warning aircraft, fixed-wing electronic warfare aircraft, and anti-submarine helicopters.

"The package, or what media have dubbed the 'five essentials for aircraft carriers,' is a vital link in forming the systematic combat capability of aircraft carrier formations and a significant achievement in the PLA Navy’s accelerated transformation and development. Building a strong PLA Navy embodies the Chinese nation's long-cherished aspiration of striving to be a strong naval power and serves as an important guarantee for realizing national rejuvenation. In the new era, under the firm leadership of the CPC Central Committee, the Central Military Commission and President Xi, the modernization of the PLA Navy has become increasingly solid and powerful. From the air to the sea, from coastal waters to the open ocean, the types and functions of various weapons platforms have been continuously improved, achieving leapfrog development and innovative breakthroughs, providing stronger guarantees for safeguarding national sovereignty, security and development interests," he said.

Spokesman confirms commissioning of 'five essentials' for carriers