China’s leading automaker, FAW Group (00800.SZ) announced Monday it had sold 75,520 Hongqi cars in the first ten months of 2019, posting a 217% year-on-year increase.
In October, the company sold 11,880 units of Hongqi sedans and SUVs, an increase of 188 percent year on year. The carmaker set its 2019 sales target for Hongqi cars at 100,000 units.
Hongqi has taken steps to boost sales and improve service. It is now selling six models including two sedans, two SUVs, an EV and a customized limousine, with more than 100 experience centers built in major Chinese cities.
Hongqi, meaning “red flag,” is China’s iconic sedan brand established in 1958.
To revive the brand, FAW plans to launch up to 17 new models by 2025, including new energy models and SUVs.
Founded in 1953 in the northeastern city of Changchun, FAW was the first automaker in China to own brands including Hongqi, Jiefang and Besturn. It also has joint ventures with carmakers such as Volkswagen, Mazda and Toyota.