Hongqi’s annual retail sales exceed 370,000 vehicles in 2023

Beijing (Gasgoo)- Hongqi, the premium passenger vehicle brand under FAW Group, achieved a remarkable milestone in 2023 as its annual retail sales soared past 370,000 units, marking a 29.5% year-on-year jump. 

HS5; photo credit: Hongqi

Notably, the brand's new energy vehicle retail sales saw an outstanding surge, surpassing 85,000 units throughout the year and reflecting a phenomenal 135% year-on-year soar. Specifically, two of Hongqi’s mainstay models, namely, the H5 and the HS5, both saw their annual sales exceed 100,000 units in 2023, which leapt 40% from the previous year.

On September 19 last year, FAW Group announced a significant reinforcement of Hongqi's marketing management system, which included the consolidation of various institutions and functions within the marketing innovation institute, marketing center, and new energy marketing center. This strategic move aims to deeply align with Hongqi's "All in" new energy strategy.

Hongqi's commitment to the "All in" new energy strategy has led to a comprehensive electrification plan for its entire vehicle lineup. This transformation spans from the new energy brand architecture, brand logo, design language, to technological platforms and product planning. 

Setting ambitious sales targets, Hongqi aims to surpass the 1-million-unit mark in total sales by 2025, with new energy vehicle sales exceeding 500,000 units. By 2030, the brand anticipates exceeding 1.5 million units in cumulative sales, with new energy vehicles forming the core of its sales strategy.

In 2025, the brand plans to establish over 700 Hongqi experience spaces, a service network exceeding 1,000 locations, and 600,000 charging terminals overseas. The brand aims for overseas sales to contribute over 10% of its total sales by then.