FAW: Aiming for 6.5 Million Units Sales and 20% NEV Ratio By 2025
Hongqi to become a top-class brand, NEV projects with Audi and Toyota
- Overview of FAW Group: Sales volume of 3.5 million units in 2021, with foreign-affiliated companies accounting for 75%
- Mid-term plan (2021-2025): Aiming for sales volume of 6.5 million units and NEV ratio of 20%
- Technology Development and Alliances: Focus on advanced technology areas such as electrification and intelligent connected
- Foreign joint ventures: NEV joint venture with Audi, NEV project with Toyota
- Internationalization: Focus on markets along the Belt and Road Initiative (BRI)
- FAW Group's domestic sales volume in China (ex-factory units)
- LMC Automotive’s Sales Forecast: FAW Group’s sales in 2025 will be 482k units
According to MarkLines’ data, China FAW Group Corporation (hereinafter referred to as FAW Group) sold 3.51 million vehicles in 2021, of which 300,000 were the Hongqi brand, 70,000 the Bestune brand, and 450,000 the Jiefang brand. Among foreign joint venture brands, FAW-Volkswagen Automotive Co., Ltd. (FAW-VW) and FAW Toyota Motor Co., Ltd. (FAW-Toyota) had sales volumes of 1,800,000 and 840,000 units, respectively.
The FAW Group is a large Chinese state-owned corporate group that owns independent brands such as Hongqi, Bestune, and Jiefang, as well as foreign joint venture brands such as VW, Audi, and Toyota. Affiliated vehicle manufacturers include China FAW Corporation Limited (China FAW), China FAW Corporation Limited Hongqi Branch (FAW Hongqi), and FAW Car Co., Ltd. (FAW Bestune), which manufacture and sell own-brand passenger cars; FAW Jiefang Automotive Co., Ltd. (FAW Jiefang) and FAW Hongta Yunnan Automobile Manufacturing Co., Ltd. (FAW Hongta), which manufacture and sell own-brand commercial vehicles; and FAW-VW and FAW-Toyota, which are foreign capital joint ventures. Furthermore, in recent years, the company has actively developed subsidiaries/joint ventures in the CASE field, such as FAW (Nanjing) Technology Development Co., Ltd. (FAW Nanjing), which develops artificial intelligence (AI) and Beijing Qisi Intelligence Technology Co., Ltd., (Qisi Intelligence) which develops smart cockpits.
During the 14th Five-Year Plan period (2021-2025), the FAW Group will focus on building a world-class, eco-friendly, and consumer-trusted mobility service company, aiming to achieve annual sales of 6.5 million units, including more than 2 million units under its own brand, and an NEV sales ratio of 20% for the group and more than 30% for its own-brand passenger cars. The company will also build a world-class technology innovation system with the "five key elements" of products and technologies: electrification, intelligent connectedness, driving experience, health and safety, and energy conservation. The company's goal is to electrify the majority of its own-brand passenger cars by 2030 and also to build a world-class company.
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