Changan says it still needs to focus on providing Chinese consumers with good value products as the plethora of new technologies poised to potentially enter the market gathers pace.
China's rapid growth has markedly slowed of late but still represents huge opportunities for home-grown brands such as Changan which is looking to tap into continuing consumer demand.
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"For Chinese brands, in the past 10 years we have experienced very rapid growth," said Changan president, Zhu Huarong, at this week's Global Automotive Forum (GAF) in the vehicle manufacturing powerhouse of Chongqing.
"Market share grew from 8.8% to 27% of the world total. Chinese brands have maintained 30% [market share] in 2015 and grew by 0.6%. Automated driving will benefit everyone because the goal of automated driving can really reduce accidents, lower cost, reduce emissions and create a new industry.
"In the future, there will be different forms of use like car sharing. How should Chinese brands [react] given these new trends? We will need to focus on providing good products and services, that is to say good value."
The Changan president also highlighted the trickle-down benefit of China's burgeoning automotive sector to the aftermarket, with the service segment expected to grow from RMB5 trillion to RMB8 trillion while he emphasised the importance of remaining committed to R&D.
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By GlobalData"What will Changan do?" asked Huarong. "Changan is 154 years old but we have [a] much shorter history for making cars – three decades. We know Changan is focusing on R&D and will [have] the strongest R&D in China.
"We will accelerate development of new electric vehicles and smart vehicles, [while] globalisation needs to be incorporated into our strategy.
"We are a very ambitious company. We must lead or be knocked out."
