At the 2024 Wuhan Global Investment Promotion Conference on June 26, Wuhan Economic & Technological Development Zone, or WEDZ, announced ambitious plans for the intelligent connected vehicle industry and the Car Valley Industrial Innovation Corridor.
WEDZ, located in Wuhan, is the region with the highest per capita GDP in Central China's Hubei province and the largest industrial scale.
It's also home to the most significant foreign population density in the province. Moreover, it ranks among the top five nationwide in terms of the business environment for development zones.
WEDZ is said to be aiming to transform and upgrade its automotive industry through a comprehensive three-year action plan for new energy vehicles, or NEVs. By 2025, its NEV production capacity is set to reach 1.5 million units per annum, with NEVs making up over 50 percent of its total auto market share.
To achieve this, the WEDZ plans to boost its component supply capacity. Traditional engines, gearboxes and stamping companies will transition to producing batteries, motors, chips, software, intelligent driving systems and smart auto passenger cockpits.
By 2025, it's estimated that the total output value of core automotive components is expected to hit 160 billion yuan ($22.01 billion), with a vehicle-to-parts ratio exceeding 0.8:1 – significantly boosting the competitiveness of the automotive supply chain.
