Chinese carmaker FAW sets fast leadership pace

China's leading automaker, FAW Group, a State-owned enterprise based in Changchun, Jilin province, announced that it had sold 200,000 Hongqi brand vehicles as of Sunday, achieving a fivefold increase within five years.

In 2018, the company set sales targets of 100,000 Hongqi cars by 2020, 300,000 by 2025 and 500,000 by 2035.

Hongqi, meaning "red flag", is China's iconic sedan brand established in 1958 that has been used in parades during national celebrations.

In recent years, FAW Group has sped up the expansion of its product portfolio, adding models H5, H7, H9, HS5, HS7 and E-HS3 at different price points.

In 2019, sales exceeded 100,000, one year ahead of schedule.

"On the path of the enterprise's transformation and upgrading, FAW continues to explore a suitable development model," said Xu Liuping, the group's chairman. "The revitalization of the Red Flag brand is our top goal."

"FAW strives to build global brand influence and promote Hongqi top independent high-end car brand," he said. "Only by constant innovation and gathering superior resources, can we lead the future development of the automobile industry."