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China FAW plans to sell more than 6 million vehicles in 2025

From:Internet Info Agency 2021-02-03 17:13:34

On February 1, China FAW and Hongqi brand held the 2021 Information Annual Conference. At the meeting, the results of the "13th Five-Year Plan (2016-2020)" and the "14th Five-Year Plan (2021-2025)" and plans for various brands under China FAW this year were released. IIA learned that by 2025, China FAW will achieve sales of more than 6 million vehicles, an average annual growth of about 8%, and operating income of over one trillion yuan, an average annual growth of 8% to 9%.

From 2016 to 2020, China FAW's sales increased from 3.106 million to 3.706 million, an average annual growth of 4.5%. The market share increased from 11.1% to 14.6%, an increase of 3.5%. Revenue increased from RMB 430.4 billion to RMB 696 billion, and profit increased from RMB 41 billion to 46.7 billion.

The Hongqi brand has grown from 4,702 vehicles in 2017 to 200,000 vehicles in 2020, a 42-fold increase in three years. Jiefang brand increased by 61.8% in three years. FAW-Volkswagen has moved from No. 3 to No. 1 in joint ventures in the past three years, and FAW Toyota's ranking has risen from No. 10 in joint ventures to No. 8.

During the "14th Five-Year Plan" period, the Red Flag brand strives for sales of over one million and enters the first camp of global high-end brands; liberates the brand to strengthen market development, technological innovation, and profitability. The Bestune brand will officially release a new brand strategy in the second quarter of this year; FAW-Volkswagen maintains Ranked first in the industry. FAW Toyota's sales volume ranks among the top five joint ventures.

In the fields of new energy vehicles, intelligent connected vehicles, and shared travel, self-owned brand new energy vehicles account for more than 20% of self-owned brand sales. The penetration rate of intelligent connected vehicles above L3 reaches 20%, and the penetration rate above L4 reaches 5%.

In 2021, China FAW plans to sell more than 4 million vehicles, a year-on-year increase of more than 7.9%. Sales of new energy vehicles exceeded 200,000, an increase of more than 300% year-on-year, and Hongqi sold 400,000 vehicles, an increase of 100% year-on-year.

Editor:Liu Anze