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

U.S. President Donald Trump said Friday that he is considering "winding down" the U.S. military strikes against Iran, claiming the United States is "getting very close to" meeting its objectives.

"We are getting very close to meeting our objectives as we consider winding down our great Military efforts in the Middle East" with respect to Iran, Trump said on Truth Social.

The objectives Trump outlined include degrading Iran's missile capabilities, destroying its defense industrial base, eliminating its navy and air force, preventing it from ever approaching nuclear capability and protecting U.S. allies across the region.

Also on Friday, Trump said that he does not want a ceasefire with Iran.

"We can have dialogue, but you know, I don't want to do a ceasefire," Trump told reporters before he departed the White House for Florida, noting "You don't do a ceasefire when you're literally obliterating the other side."

"U.S. government says one thing, reality says another," Iranian Foreign Minister Seyed Abbas Araghchi said Friday on X, questioning White House's repeated claims that Iran's air defenses and Navy have been destroyed.

Trump on Truth Social also said that the Strait of Hormuz, a crucial global energy waterway, should be secured by the countries that rely on it and Washington would assist if asked.

"The Hormuz Strait will have to be guarded and policed, as necessary, by other Nations who use it -- The United States does not! If asked, we will help these Countries in their Hormuz efforts, but it shouldn't be necessary once Iran's threat is eradicated," Trump added.

The United States and Israel launched joint military strikes on Iran on Feb 28, disrupting global shipping, sending oil prices soaring and shaking the global economy.

Trump says considering "winding down" strikes on Iran