FAW’s Hongqi brand boasts 82.9% YoY surge in Jan. 2024

Beijing (Gasgoo)- In the first month of 2024, Hongqi, the signature passenger vehicle brand under FAW Group, sold 40,300 vehicles, representing a year-on-year spike of 82.9%.

Photo credit: Hongqi

The all-new Hongqi H5 took the lead with monthly sales exceeding 14,800 units, surpassing ten thousand for four consecutive months so far. Additionally, the Hongqi HS5 achieved a sales breakthrough of over 11,200 units in January, securing its second consecutive month with sales exceeding ten thousand units.

In 2023, Hongqi achieved a retail sales milestone exceeding 370,000 units, marking a 29.5% year-on-year growth. Notably,  its annual sales of new energy vehicles surpassed 85,000 units, witnessing a staggering 135% year-on-year surge. The brand’s mainstay models, the Hongqi H5 and the Hongqi HS5, both exceeded 100,000 units in annual sales, exhibiting a 40% jump from a year ago.

With a robust performance across the group’s brands in 2023, FAW Group set an ambitious goal for 2024, aiming for a total new vehicle sales volume of 3.47 million units yearly. Within this target, the group’s wholly-owned brands are set to achieve a sales target of 900,000 units, striving to breach the one-million-unit mark.