China FAW: Hongqi brand sales exceeded 300,000 vehicles in 2021, an increase of 50.1% year-on-year

On January 18, China FAW held the 2022 China FAW and Hongqi Brand Annual Press Conference through the connection between Changchun, Beijing and Shanghai. The annual meeting introduced the business development of China FAW and Hongqi brands in 2021, as well as the business objectives and work ideas in 2022, and released the new corporate logo of China FAW.

2022 China FAW & Hongqi Brand News Conference (Photo courtesy of the interviewee)

At the meeting, the overall business target of China FAW in 2022 was released, and it plans to sell 4.1 million vehicles in the whole year, an increase of 17.1%; the operating income is 770 billion yuan, an increase of 8.9%; the market share is 15%; the investment intensity of R&D funds exceeds 3%, and strives to reach 3.5%, and the independent brand reaches about 8%.

Qiu Xiandong, director, general manager and deputy secretary of the party committee of China FAW, introduced the key tasks of FAW: first, take the development of "red flag" as the benchmark; second, take brand building as the leader; third, take the user as the center; fourth, take comprehensive innovation as the main line; and fifth, fight the "four major battles". At the same time, China FAW will continue to fulfill its corporate social responsibility, continue to carry out social welfare projects, help consolidate and expand the effective connection between poverty alleviation and rural revitalization, and promote the high-quality development of the region; it will focus on employee development, implement the strategy of "benefiting employees", adhere to the concept of "double care, double growth", and resolutely safeguard and develop the interests of employees.

At the meeting, the new corporate logo of China FAW and the new brand slogan "China FAW Create the Future" were released. The number "1" of China FAW New Enterprise Identification Center represents the development vision of China FAW to build a world-class automobile enterprise and the enterprise spirit of pursuing the first; the main Chinese character "automobile" represents the mission of China FAW based on the main responsibility of the main business, and bravely undertakes the mission of opening up a new road for the innovation and development of China's automobile industry in the new era; the word "automobile" constitutes the form of an eagle with wings spreading its wings, marking that China FAW is full of positive and enterprising strength. The wings of "Eagle" in the new corporate logo are abstracted into two letters E, representing Environment and Enjoy respectively, implying that China FAW is committed to green, low-carbon, energy-saving and environmental protection, striving to provide users with "wonderful travel, beautiful life", and creating a world-class, environmentally friendly (green low (zero) carbon), consumer-loved mobility service company vision.

The meeting reviewed the business development of China FAW in 2021. In 2021, China FAW sold 3.5 million vehicles a year, with an operating income of 707 billion yuan, an increase of 1.4% year-on-year. Among them, the sales volume of the Hongqi brand exceeded 300,000 units, an increase of 50.1% year-on-year; the Jiefang brand achieved sales of 440,000 vehicles; FAW-Volkswagen grabbed the core to ensure production, adjusted the structure, deepened reform, and strengthened innovation; FAW Toyota achieved a sales growth of 6.8%. In 2021, China FAW invested a total of 21.42 billion yuan in R&D, an increase of 3.9% year-on-year, accounting for 3% of revenue; made 63 key core technology breakthroughs, completed 4,757 patent applications; and launched a large number of outstanding innovative products.