BEIJING, July 28, 2023 /PRNewswire/ — This is a report from China Daily:
China’s top automaker, FAW Group, achieved a strong increase in vehicle exports in the first half of this year, as it continues to expand its presence in the global market.
Its premium brand Hongqi registered a 172% increase in exports, with 5,003 vehicles, while Jiefang saw a 122% increase, with 18,001 vehicles. Bestune exported 7,029 vehicles, up 127 percent year-on-year.
In 2022, FAW’s foreign business covered 85 countries and regions, including Europe, Africa, Southeast Asia and Latin America. With more than 120 dealerships abroad, it has exported a total of 400,000 vehicles. The company has established three subsidiaries in Eastern Europe, South Africa and Tanzania, employing more than 300 local staff.
FAW has established multiple international capacity cooperation projects and built an integrated automotive industry chain for global markets, covering research and development, procurement, manufacturing, logistics and marketing. These initiatives have expanded FAW’s presence in high-end foreign markets.
Headquartered in Changchun, northeast China’s Jilin province, the FAW Group celebrated its 70th anniversary on July 15, when its 55.77 millionth vehicle rolled off the production line.
On July 13, 1956, the first domestically-built vehicle, the Jiefang cargo truck, rolled off the FAW assembly line, ending China’s inability to produce motor vehicles. FAW built the Dongfeng, China’s first passenger car, and the Hongqi, the country’s first luxury saloon, establishing the manufacturer as a symbol of China’s auto industry.
Over the past 70 years, the loyalty, wisdom and sweat of generations of FAW employees have fueled the company’s growth, expansion and innovation, achieving remarkable achievements.
FAW’s operating income is already approaching 8.3 trillion yuan ($1.16 trillion), with total profits and taxes exceeding 1.87 trillion yuan. Its total assets have exceeded 600 billion yuan.
The value of the FAW brand will exceed 420 billion yuan by 2023, while the value of the Jiefang and Hongqi brands will exceed 110 billion yuan each.
On the occasion of FAW’s 70th anniversary, its partnership with Volkswagen and Audi celebrates its 35th anniversary. On July 14, the three sides signed a memorandum of understanding on deepening strategic cooperation in Changchun.
FAW and Volkswagen announced that they would jointly enhance Volkswagen’s product portfolio, advance the development of electric vehicles and introduce more Chinese technologies.
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