Zeng Qinghong’s Speech Highlights at Chongqing Forum: GAC’s Strategy

On June 6, 2024, Zeng Qinghong, Chairman of GAC Group, was invited to speak at the 2024 China Automotive Chongqing Forum. The main points of his speech are as follows:

1. On Long-termism
   • Zeng emphasized the importance of long-termism in fostering innovation and avoiding zero-sum games in business.
2. On the Future of the Industry
   • Citing predictions, Zeng noted that by 2030, the market share would be 40% hybrid, 30% pure electric, and 30% fuel-based. He suggested that the government study the concept of “equal rights for fuel and electric” when pure electric vehicles reach 50% of sales.
3. On Price Wars
   • Zeng stated that GAC does not oppose price wars but stressed the need for rationality and limits, warning that unsustainable price cuts could harm the industry.
4. On Flow Competition
   • He advocated for self-promotion without slandering others and emphasized compliance with laws and regulations.

(GAC WeChat official page June 11, 2024)