FAW Group aims to sell 4 million in 2023

Beijing (Gasgoo)- China’s major automaker FAW Group saw its 2022 annual sales volume reach 3.2 million vehicles, the company announced at a press conference on Monday.

Photo credit: Hongqi

In the past year, the automaker brought in 630 billion yuan (US$93.22 billion) in annual revenue, which resulted in a yearly profit of over 49 billion yuan (US$7.25 billion). 

Regarding sales of the group’s specific brands, its signature Hongqi passenger vehicle brand realized a cumulative sales volume of 310,000 vehicles through 2022, representing a 3% growth from a year ago. Meanwhile, FAW Jiefang, the group’s commercial vehicle arm, sold a total of 170,000 vehicles last year, with its market share climbing up 1.9 percentage points year-on-year in the mid-to-heavy-duty truck segment. As to export, the Chinese automaker shipped 35,800 vehicles overseas through 2022, indicating a 49% surge from the year-ago period. 

On the other hand, FAW Group set an annual sales target of 4 million vehicles in the year 2023, which should jump 24.8% year-over-year. Among the vehicles to be sold in the new year, 384,000 units are set for new energy vehicles, representing a 113.3% hike from a year ago. In the meantime, the automaker aims to realize an annual revenue of 750 billion yuan (US$110.98 billion), up 19% compared to 2022.