Today (the 29th), China Changan Automobile Group Co., Ltd. was officially established in Chongqing. This new state-owned enterprise, formed through the spin-off of the former China North Industries Group Corporation, comprises 117 subsidiaries. Its main businesses include complete vehicles and parts, automobile sales, financial and logistics services, and motorcycles. A representative from China Changan Automobile Group stated that the new state-owned enterprise will focus on developing new productivity capabilities such as intelligent vehicles, robots, flying cars, and embodied intelligence, exploring a new ecosystem for land, sea, and air transportation. It will also accelerate global development and expand into five major regional markets: Southeast Asia, the Middle East and Africa, Central and South America, Eurasia, and Europe. This restructuring is a significant step forward in the country's efforts to reform state-owned enterprises and optimize the allocation of state-owned capital, and is also a crucial measure to enhance the competitiveness of China's automotive industry. As a pillar of the national economy, the automotive industry is undergoing accelerated consolidation. A representative from the State-owned Assets Supervision and Administration Commission of the State Council stated that the establishment of my country's three major state-owned automotive groups will better support the high-quality development of the intelligent, connected, and new energy vehicle industry and accelerate the development of world-class, globally competitive brands.