FAW Group: targeting sales of 5 million vehicles by 2015
Will focus on increasing production capacity, new energy vehicles and promoting own brand
China FAW Group Corporation (FAW Group) will almost double its sales volume from 2010 to 5 million units by 2015, with plans to achieve a market share of 20％ and sales of 600 billion RMB. In 2010, the company increased sales volume by 31.6% from a year earlier to 2.56 million and sales by 41.7% to 292.7 billion RMB.
Passenger car manufacturers under its umbrella focus on the expansion of production capacity and the development of own-brand models. Joint ventures with foreign OEMs - FAW Toyota and FAW-VW - as well as own-brand manufacturers - FAW Haima Automobile and FAW Jilin Automobile are currently constructing their plants. In their own-brand business, FAW-VW will begin a test-run of the Kaili in 2012, while FAW Car is expected to introduce the Oley into the market.
FAW Group also plans to promote the new energy vehicle business. The company says that it would invest 9.8 billion RMB by 2015 to develop 16 new energy vehicles.