Power Systems Research (PSR) is an international research company headquartered in St. Paul, Minnesota, USA. PSR has offices or staff in seven global regions, including China. PSR analysts have been compiling and analyzing global vehicle, equipment and powertrain data since 1976; data which can be used to develop targeted forecasts by industry segment and region.
Our experienced analysts, including our team in China, work with OEMs, engine and component manufacturers, dealers, fleet managers and industry experts to compile model-level data that is considered the leading source of global information on engines, drivetrains and powered vehicles and equipment. Whether you need detailed global data, forecasts or customized local market studies, our business development team can work with you to help you find the Data, Forecasting and Solutions you need to succeed.
The State-owned Assets Supervision and Administration Commission of the State Council (SASAC) officially announced that it would implement a strategic reorganization of the three state-owned automotive enterprises—FAW Group, Dongfeng Motor, and Changan Automobile. The goal is to “build a world-class automotive group with global competitiveness, independent core technologies, and the ability to lead the transformation of intelligent and connected vehicles.”
The combined annual production capacity of the three central state-owned enterprises exceeds 8 million vehicles, yet the market share of their owned brands is less than 15%. The fragmented R&D investment has led to low efficiency in technological advances. After the reorganization, technological synergy will become a core focus. For example, a joint innovation consortium will be established in 28 “chokepoint” areas, such as automotive-grade chips and domain controllers, to concentrate resources on overcoming technological barriers.
Baidu and CATL say they will collaborate on unmanned driving and digital intelligence to promote unmanned driving services and industrial AI applications.
The cooperation is expected to leverage the advantages of both companies, including CATL’s battery, swapping, and skateboard chassis technologies for unmanned vehicle development, and to explore competitive products and business models to enhance mobility services.
Baidu will support CATL’s digitalization with its full-stack AI capabilities, spanning chips, platforms, and applications, injecting new energy into the green transition and jointly building a smart energy future.
Toyota has announced plans to build a research, development, and production company for Lexus electric vehicles and batteries in Jinshan District, Shanghai, and plans to start production in 2027.
“China has a complete electrification and intelligent technology industry chain,” says Ji Xuehong, Director and Professor of the Automotive Industry Innovation Research Center at North China University of Technology, “and stablishing a factory locally will allow Toyota to deeply integrate into China’s industry chain, quickly access advanced electrification technologies and high-quality parts resources, and thereby enhance the overall competitiveness and price advantage of its products.”
Localization will also enhance Lexus’ export capabilities, he says. Production in China can meet domestic demand, also reduce costs and improve the competitiveness of products in the international market.
FAW Jiefang and CATL have signed a strategic cooperation agreement under which they agreed to work together to develop new energy commercial vehicles.
According to the agreement, the two parties plan to integrate selected resources in the field of new energy commercial vehicles. They will collaborate in product matching, product development, science and technology project applications, industrial ecosystem construction, and business model innovation.
The joint venture between FAW Jiefang and CATL—FAW Jiefang Times New Energy Technology Co., Ltd.—will work to leapfrog growth in the sales of new energy commercial vehicles. Currently, driven by the government’s “dual carbon” strategic goals, the green transformation of the commercial vehicle transportation industry, is imminent and holds significant market potential. Data from the China Association of Automobile Manufacturers shows that from January to November 2024, the sales volume of new energy commercial vehicles in China reached 462,000 units, with a year-on-year increase of as high as 31.1%.
In December, FAW Jiefang began production on its first hydrogen engine in Dalian, Liaoning Province, marking a key step for it in the field of green intelligent transportation.
The project is expected to have a total investment of US$84.41 million (614 million yuan), building medium-sized engines ranging from 5 to 7 liters, heavy-duty hydrogen engines, and production lines. The CA6HV3 production line is the world’s first hydrogen engine production line; it will help FAW Jiefang build a more complete powertrain product line. It is reported that the CA6HV3 hydrogen engine, independently developed by FAW Jiefang, is the first domestic heavy-duty commercial vehicle direct-injection hydrogen engine in China. It leads the country in thermal efficiency and product reliability and achieves zero carbon emissions.
The Bauma CHINA 2024 trade show, held at the Shanghai New International Expo Centre from November 26-29, showcased a significant evolution in the global construction machinery industry. The event expanded to 330,000 square meters, featuring 3,542 exhibitors from 32 countries and attracting 281,488 visitors from 188 nations, a remarkable recovery from the pandemic-impacted 2020 edition.
This year’s exhibition highlighted trends such as electrification, sustainable technologies, digital innovations, and intelligent system integration. Chinese manufacturers like Dingli, LGMG, and Sinoboom demonstrated dominance, presenting groundbreaking products in new energy and hybrid solutions, while the presence of Western manufacturers was notably reduced.
Bosch and Jiangling Group have signed a joint venture agreement in Nanchang, planning to establish a joint venture to jointly develop and sell electric drive axle systems for light commercial vehicles. The registered capital of the planned joint venture is 500 million yuan (63 million euros), with Bosch holding 60% and Jiangling holding 40%. The newly established company will be mainly responsible for the development, application, production, sales, and service of electric drive axle systems for light commercial vehicles.
Bosch will rely on its experience in electric drive technology to provide core technical capabilities such as electric drive, electric motors, and electric control, while Jiangling Group will contribute its insights in the complete vehicle field and grasp of the local market.
The European Union has approved a tariff increase on Chinese electric vehicles, according to the report from Agence France-Presse. Politicians and industry representatives from several European countries had previously expressed opposition to the European Commission’s investigation, and China also condemned the EU’s move to impose additional tariffs on Chinese electric vehicles as a typical act of protectionism.
Several European diplomats told Agence France-Presse that despite strong opposition led by Germany, the EU still approved the imposition of high tariffs on Chinese electric vehicles. According to the report, 10 countries, including France and Italy, supported the imposition of a tariff of up to 35.3% on top of the existing 10% tariff. Five countries, including Germany and Hungary, voted against, and another 12 countries abstained.
Following the opening of Yuchai’s Thailand factory, Guangxi Yuchai Machinery Co., Ltd. (Yuchai) and Kim Long Motor Hue Joint Stock Company, a subsidiary of Vietnam’s FUTA Group (Kim Long Motor), have signed a comprehensive strategic cooperation agreement in Vietnam. The two parties have jointly initiated the construction of an engine factory with a total investment of $260 million.
The engine factory, a collaboration between Yuchai Machinery Co., Ltd. and Kim Long Motor Hue, a subsidiary of Vietnam’s FUTA Group, will be invested in two phases, with the first phase expected to commence production in the second quarter of 2025. The factory will be equipped with a globally leading, highly automated engine assembly line, primarily producing Yuchai’s full range of diesel and natural gas engines for applications in commercial vehicles, engineering machinery, agricultural machinery, ships, power generation, and more, with an annual production capacity exceeding 12,000 units.
BYD has signed an agreement with the Turkish government to invest USD 1 Billion to build a factory in Turkey. This is BYD’s second factory in Europe following one built in Hungary. Under the agreement, BYD will build a factory and research and development center with an annual production of 150,000 vehicles. The factory is planned to start production by the end of 2026 and will provide job opportunities for up to 5,000 workers. The factory is expected to improve BYD’s logistics efficiency.
The Turkish government is welcoming the factory construction of Chinese automotive enterprises and is holding discussions regarding factory construction are taking place with SAIC and Great Wall, as well as BYD and Chery. Previously, Turkey announced the cancellation of a plan to impose an additional 40% tariff on all vehicles from China, which was announced a month earlier, to encourage Chinese automotive enterprises to invest in Turkey.
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