FAW’s Hongqi boasts 111% YoY hike in first-half sales

Shanghai (Gasgoo)- Hongqi, the premium auto brand of FAW Group, announced that its new vehicle sales topped 15,400 units in June, surging 92% compared to the year-ago period.

For the first half of the year, the automaker saw its cumulative sales skyrocket 111% year on year to over 70,000 units, greatly outpacing the overall auto market bruised by the coronavirus pandemic.

(Hongqi H5, photo source: Hongqi)

Hongqi is ambitious to sell 200,000 vehicles in 2020. Although the industry was severely hit by the COVID-19 spread during the first quarter, the automaker decides to meet business challenges head-on rather than lowering the sales target.

As of June, Hongqi has completed only 35% of its annual goal, and it has to go all out in the second half of the year to reach the sales that are doubled over the 2019's volume.

The premium auto brand has six models on sales to-day, namely, the H5, the H7, the L5, the HS5, the HS7 and the E-HS3 BEV, including both SUVs and sedans, and is ambitious to form a massive product matrix composed of 21 models by 2025, 18 of which will be NEVs.

(Hongqi H9, photo source: Hongqi)

Aside from the forthcoming Hongqi H9 sedan, the carmaker will launch the E115 large-sized all-electric SUV, the H5 1.5T and the HS7 2.0T this year.

FAW Group established a wholly-owned subsidiary on June 22, which is likely to help Hongqi forge ahead with its ICV (intelligent-connected vehicle) development.

On October 30, 2018, FAW Group announced its R.Flag Plan – a technology development plan for Hongqi brand – in Shanghai. As a key measure of implementing New Hongqi Brand Strategy, the R.Flag Plan is also a major achievement in promoting brand image and product competitiveness of Hongqi brand.

The R.Flag Plan, stands for Rise, Future, Leading, Autonomous and Genes, comprises of four strategic plans – i.RFlag, e.RFlag, 5f.RFlag, and m.RFlag, which focus on ICV, electrification, experience and ride-sharing segments respectively.