FAW-Volkswagen completes annual profit target of 41.5 billion yuan in 2022

Beijing (Gasgoo)- FAW-Volkswagen, the joint venture of FAW Group and Volkswagen AG, announced recently that it has successfully fulfilled its annual profit goal of 41.5 billion yuan in the year of 2022.

Photo credit: FAW-VW

FAW-Volkswagen said that it produced 1.819 million vehicles and sold 1.802 million vehicles last year. Judging from the profit goal of 4.15 billion yuan and the sales volume, in 2022, FAW-Volkswagen’s profit per car reached 23,000 yuan, which should be considered relatively high compared to Chinese indigenous automakers or other joint venture automakers. 

Previously, FAW-Volkswagen officially declared its specific sales data for the past year. The data show that FAW-Volkswagen's cumulative retail sales amounted to 1,823,600 new vehicles (including imported Audi vehicles) in 2022. Among them, 1,041,100 units were from the Volkswagen brand, and 635,600 units were Audi-branded vehicles (including imported vehicles). Meanwhile, the Jetta brand's annual retail sales last year came in at 146,900 units. 

Despite its profit, FAW-Volkswagen did not achieve the annual sales target of 2 million units it set for the year of 2022.

FAW-Volkswagen said that for the year of 2023, it sets out to make a series of targeted strategic layouts involving new energy vehicle products, the MEB platform, hybrid power, and intelligent connected vehicles.