Fleetcar.ie — 2023-07-29
Automotive Industry
China’s leading automaker FAW Group achieved a robust increase in vehicle exports in the first half of 2023 as it continues to expand its presence in the global market.
Its premium brand Hongqi posted a 172% surge in exports with 5,003 vehicles, while Jiefang experienced a 122% rise with 18,001 vehicles. Bestune exported 7,029 vehicles, up 127% year-on-year.
As of 2022, FAW’s overseas business covered 85 countries and regions, including Europe, Africa, Southeast Asia and Latin America. With more than 120 overseas dealers, it has exported a total of 400,000 vehicles. The company has established three subsidiaries in Eastern Europe, South Africa and Tanzania, employing over 300 local staff members.
FAW has established multiple international capacity cooperation projects and built an integrated auto industry chain for global markets, encompassing research and development, procurement, manufacturing, logistics and marketing. These initiatives have expanded FAW’s presence in high-end overseas markets.
Based in Northeast China’s Changchun, Jilin province, FAW Group celebrated its 70th anniversary on 15 July 2023, as its 55.77 millionth vehicle rolled off the production line.
On 13 July 1956, China’s first domestically made vehicle, the Jiefang loading truck, rolled off FAW’s assembly line, bringing an end to China’s inability to produce motor vehicles. FAW manufactured the Dongfeng, China’s first passenger car, and the Hongqi, the country’s first luxury sedan, establishing the automaker as a symbol of China’s auto industry.
Over the past 70 years, the loyalty, wisdom and sweat of generations of FAW employees have propelled the company’s growth, expansion and innovation, yielding remarkable accomplishments.
FAW’s operating income stands at nearly 8.3tn yuan ($1.16tn) by now, with total profit and tax earnings surpassing 1.87tn yuan. Its total assets have exceeded 600bn yuan.
The brand value of FAW surpasses 420bn yuan in 2023 while the value of the Jiefang and Hongqi brands each exceeds 110bn yuan.
On the occasion of FAW’s 70th anniversary, its partnership with Volkswagen and Audi celebrates its 35th anniversary. On 14 July 2023, the three parties signed a memorandum of understanding on deepening strategic cooperation in Changchun.
FAW and Volkswagen announced they would jointly enhance Volkswagen’s product portfolio, advance the development of electric vehicles and introduce more Chinese technologies.