FAW Hongqi hits 200,000-unit annual production target ahead of schedule
Shanghai (Gasgoo)- Hongqi, the premium car marque of FAW Group, announced it output over 200,000 new vehicles as of December 20 in 2020, achieving its annual production target 11 days ahead of schedule.
The announcement made Hongqi the first Chinses domestic upscale auto brand to achieve this milestone.
Hongqi H9; photo credit: Hongqi
For the first eleven months of 2020, FAW Group saw its cumulative sales edge up 7.7% year on year to 3.398 million units, of which roughly 178,100 units from the Hongqi brand, an impressive hike of 102% over a year ago. As of Nov. the brand had completed 89% of its 200,000-unit sales target.
Some industry insiders said Hongqi’s accomplishment of sales target should be backed by a matched production capacity. The recent milestone indicates a great likelihood for Hongqi to fulfill its sales goal.
However, there is a viewpoint saying the sales hike is in large connection with the governmental procurement, and the demands of mobility service and car rental business.
Hongqi's Jan.-Oct. sales soared 103% over the previous year to 153,000 units. Of those, 95.7% of sales were contributed by private shopping demands, and 0.9% and 3.4% demands were from mobility service business and governmental purchase, according to Chen Xu, general manager of FAW Hongqi Sales Co.,Ltd.
FAW Group said in early January that 21 new models will be launched in the next five years under its premium brand Hongqi, with annual sales expected to reach 700,000-800,000 units by 2025.
Xu Liuping, chairman of FAW Group, noted that 18 of the 21 new models will be new energy vehicles.
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