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China Changan Auto Group is aiming to break into the world's top 10 carmakers by the end of the decade, following its transformation into a centrally owned enterprise.

"Our mission is clear — to build a world-class automotive group with proprietary core technologies and global competitiveness," said Zhu Huarong, chairman of China Changan Auto Group, on Wednesday.

The new automaker emerges from the restructuring of the China South Industries Group, one of China's leading military-industrial conglomerates.

Under its 2030 roadmap, the group is targeting annual vehicle sales of 5 million units, with new energy vehicles accounting for more than 60 percent, and overseas markets contributing over 30 percent.

The strategy aligns with China's broader goal of fostering globally competitive national champions in the electric and smart mobility sectors.

Formally established on Tuesday in Chongqing, China Changan Auto Group brings together 117 subsidiaries, including Changan Automobile.

It operates across a wide spectrum of businesses, including passenger and commercial vehicle manufacturing, auto parts, financial and logistics services, and motorcycles, according to a company statement.

China Changan Auto Group launches with 20 billion yuan ($2.79 billion) in registered capital, 308.7 billion yuan in assets, and a workforce of around 110,000.

Executives say it will focus on emerging technologies such as intelligent vehicle robots, flying cars, and embodied AI, as part of efforts to cultivate "new quality productive forces".

In the first half of 2025, Changan reported revenue of 146.9 billion yuan and sold 1.355 million vehicles — the company's highest volume in nearly a decade.

NEV sales surged 49.1 percent year-on-year to 452,000 units, while overseas sales climbed 5.1 percent to 299,000 vehicles.

The company is forecasting full-year sales of 3 million vehicles, including 1 million NEVs, and total revenue of yuan 355 billion.