FAW to launch 15 battery EVs by 2025 to bolster Hongqi luxury brand
Automotive News China
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2018/1/12
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China FAW Group Corp., a major state-owned automaker, plans to roll out 15 battery electric vehicles and two gasoline models for its Hongqi luxury brand to rebuild the marque.
Hongqi¡¯s first battery EV will hit the market this year. In 2020, the brand will launch sales of a battery EV developed on a new platform that will have a range of 600 kilometers (373 miles), FAW said on Monday.
The company disclosed no further details on its product plans.
By introducing a slew of EV models, FAW seeks to boost Hongqi¡¯s annual sales to 100,000 vehicles by 2020 and 300,000 vehicles by 2025.
Rebuilding the Hongqi brand is part of a broad plan by FAW¡¯s new chairman, Xu Liuping, to revive the automaker¡¯s proprietary passenger vehicle business. Xu, previously chairman of state-owned Changan Automobile Co., was dispatched by the Chinese government to lead FAW in August.
Hongqi, which means ¡°red flag¡± in Chinese, was created in 1958 as a limousine brand for government agencies. In the 1980s, it started selling full-size and compact sedans to private customers. But sales have remained small because of aging models and a narrow product range.
The brand has only two gasoline models in its lineup: the L5 limousine and the H7 full-size sedan. In 2016, Hongqi delivered 4,398 vehicles. FAW has yet to reveal the brand¡¯s 2017 sales.
Hongqi vehicles are assembled at FAW¡¯s plant in the northeast China city of Changchun where FAW is headquartered.
FAW, a leading truck maker in China, also builds and sells passenger vehicles under its own mass-market brands. The company also runs passenger vehicle joint ventures with Volkswagen Group and Toyota Motor Corp.
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