FAW Jiefang, the commercial vehicle segment of FAW Group, released its operating results in 2023, and plan for the development of 2024 on Apr 2 in Beijing.

FAW Jiefang saw an impressive performance in operation in 2023. Its revenue jumped 66.71 percent from a year earlier to 63.905 billion yuan, and the net profit attribute to the parent company soared 107.66 percent year-on-year to 763 million yuan. 

In total, FAW Jiefang sold 241,700 complete vehicles in 2023, a year-on-year increase of 42.11 percent, the highest rate of growth in the automotive industry and the top of the market share. Furthermore, FAW Jiefang has been number one on following fronts: the sales of tractor retained the top of the industry for 18 consecutive years; the market share of gas-powered heavy-duty trucks took the lead in the automotive industry; the sales of high-end trucks topped the automotive industry. The overseas sales leaped forward to 45,000 units, and the NEV sales rose 164.5 percent to 7,200 units.

In 2023, FAW Jiefang invested 3.105 billion yuan in research and development, and continued to foster the core competitiveness of self-supporting. FAW Jiefang actively fulfilled its social responsibilities, and donated 12,05 million yuan to support public welfare, setting an example for ESG (environmental, social and governance) practice in commercial vehicle industry.

To face the fierce competition in the market of 2024, FAW Jiefang will propel in the following four aspects. In terms of traditional vehicles, FAW Jiefang will consolidate advantages and make breakthroughs in disadvantages, so as to increase the market share. In the field of NEVs, FAW Jiefang will tap the potential of sales, especially further increase the sales of new energy light truck. With regard to overseas market, FAW Jiefang will step up efforts to bolster the internationalization, strengthen the fundamental of overseas market. In the aspect of lowering costs and raising income, FAW will increase revenue and reduce expenditures, in order to achieve the annual profit target.

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.

FAW Group Corporation (FAW) announced on April 1 that it sold 743,000 complete vehicles in the first quarter of 2024 (Q1), a year-on-year growth of 9.5%. The sales of self-owned brand vehicles reached 208,000 units, marking a year-on-year increase of 46.1%. The Hongqi brand saw its Q1 sales grow 64.3 percent from a year ago to a new high of 100,300 vehicles.

In the same period, FAW witnessed positive growth in cumulative output, sales and revenue. Moreover, the growth rate of NEV sales and export sales has outpaced the industrial level. 

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.

On March 27, FAW Group’s premium auto brand Hongqi officially put the GUOYUE luxury bus model onto the market. Coming with three trim levels – the 3.0T 20/23-Seater Basic Version, the 3.0T 17/19-Seater Luxury Version, and the 3.0T 17-Seater Flagship Version – the GUOYUE features a price range of 468,000 yuan to 598,000 yuan.

Positioned as a flagship luxury bus, the GUOYUE inherits Hongqi’s iconic design concept of “noble, excellence and artistic conception”, and boasts outstanding features of “oriental aesthetics, safety, reliability, comfort and luxury”. The launch of the Guoyue marks the comprehensive coverage and new layout of Hongqi in the official vehicle market.

At the event, FAW Hongqi also delivered the first batch of 100 Guoyue buses to customers.

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.