Changan Automobile, a Chongqing-headquartered automaker owning 14 manufacturing bases and 34 plants across the world, will operate as an independent centrally administered State-owned enterprise, said the company in a statement on Thursday.

Changan Automobile announced that it received a notice from its controlling shareholder China South Industries Group Corp, - a Beijing-based central SOE specializing in military equipment and weapons manufacturing – on Wednesday, regarding a major corporate restructuring.

According to the notice, China South Industries Group Corp has received official approval from the State-owned Assets Supervision and Administration Commission of the State Council, or SASAC, which was authorized by the State Council, to proceed with a corporate restructuring.

Under the plan, China South Industries Group Corp's automobile business - Changan Automobile - will be separated and restructured into an independent central SOE. The SASAC will fulfill its role as the company's investor.

Changan Automobile has a team of more than 18,000 research and development personnel from 31 countries and regions around the world.

The company has established a globally coordinated research and development network across ten locations in six countries, including Japan, Germany and the United States, each with its own focus.