FAW Toyota seeks to sell 1m vehicles in 2020

Gasgoo.com (Shanghai March 19) - FAW Toyota has announced its goal to sell 1 million vehicles in 2020 in its new five-year development plan, unveiled earlier this month. According to the plan, FAW Toyota will release at leas t 15 new models over the next five years.

FAW Toyota General Manager Jiang Jun reaffirmed that the joint venture will continue to compete in the small car market, while introducing new turbocharged and hybrid technology to the country. According to reports, 63 percent of FAW Toyota’s total sales came from the Corolla, Crown and Vios. The joint venture will be releasing several new models in the future, including the 2.0L turbocharged New Crown, which will come to the market in the latter half of this year. The debut of the hybrid Corolla, the first domestically-produced hybrid vehicle, will also take place later this year at Shanghai. Mr. Jiang also revealed that FAW Toyota has plans to introducing TNGA products to China beginning in 2018.

FAW Toyota’s sale target for this year is set at 610,000 vehicles, representing year-on-year growth of 4 percent. The joint venture has plans to add 32 new 4S dealerships to its existing network of 539 businesses, with plans to develop further into third- and fourth-tier cities. Mr. Jiang has reaffirmed that the year 2015 is a major chance for the joint venture to recover its sales as it works to strengthen its existing business structure. If everything goes according to plans, FAW Toyota will see positive growth from 2018 to 2020, in the hopes of achieving its 2020 target of 1 million new vehicle sales.