FAW Group announced to commence construction of a new Changchun-based plant, which is designed to produce new energy vehicles and intelligent-connected vehicles under its premium brand Hongqi.
With a total investment of RMB 7.8 billion, the plant is scheduled to be completed in 2022 with an annual capacity of 200,000 units and an expected yearly output worth RMB 60 billion.
In the first quarter of 2020, Hongqi brand realized 21,300 units in production and 25,000 units in sale, with an increase of 74% and 88% over a year ago. In the following 5 years, Hongqi will introduce 21 new models, covering L, S, H and Q series, 18 of which will be new energy vehicles. Hongqi will also mass produce models with L3 and L4 autonomous functions in 2020 and 2021 respectively.
FAW is a leading global manufacturer of quality passenger cars, trucks, and buses. Established in 1953, the company is China’s oldest and largest automotive group. Annual sales exceed three million units.