On January 18, China FAW Group Co., Ltd. (FAW) held its 2022 annual press conference for FAW and the Hongqi brand and issued its business goals for 2022.
According to the plan, FAW aims to sell 4.1 million vehicles in 2022, achieving a year-over-year (y/y) rise of 17.1%; its business income will reach CNY 770 billion, up by 8.9% y/y; its market share will reach 15%; its R&D investment will be up to 3-3.5% of sales; and its investment in local brands will be about 8%.
FAW sold 3.5 million vehicles in 2021, with an operating revenue of CNY 707 billion, reflecting an increase of 1.4% y/y. Hongqi brand sold more than 300,000 vehicles, up by 50.1% y/y. Jiefang brand sold about 440,000 vehicles. FAW Toyota’s sales rose by 6.8%. The total R&D investment was CNY 21.42 billion last year, achieving a y/y growth of 3.9%, accounting for 3% of revenue.
At the conference, FAW also released its new company logo.
From FAW website press release and FAW WeChat platform press release