China FAW Group Corporation (short for FAW), formerly China First Automobile Works, can trace its roots back to Jul 15, 1953, when its first assembly plant started to be constructed. FAW is one of China’s oldest and largest automotive manufacturers, with registered capital of RMB 35.4 billion yuan and total assets of RMB 457.83 billion yuan.
FAW is headquartered in China's northern city of Changchun, Jilin province, and manufacturing plants are located in northeastern China's Jilin, Liaoning and Heilongjiang provinces, eastern China's Shandong province and Tianjin municipality, southern China's Guangxi Zhuang autonomous region and Hainan province, and southwestern China's Sichuan province and Yunnan province. The Group comprises Hongqi, Bestune and Jiefang brands, and its core business also covers joint ventures and external cooperation, emerging businesses, overseas businesses and industrial ecosystem.
FAW headquarters is directly responsible for the operation and development of Hongqi premium brand, while carrying out strategical or financial management on other businesses, so as to establish a new market-centered and customer-oriented operation and management system.
FAW has established a global R&D layout and organized a global R&D team with more than 5,000 top technologists. The R&D system is seen in ten regions of four countries in the world, focusing on innovations and breakthroughs in pioneering design, new energy vehicles, artificial intelligence, 5G application, new materials and process, and intelligent manufacturing.
Honqi and Jiefang have always maintained the top positions in brand values in China’s passenger car and commercial truck markets respectively. Hongqi L series limousine has been chosen as official car for China’s major celebrations and events, highlighting the charm of oriental luxury sedan. Hongqi H series car has seen rapid growth in its targeted market. The market share of Jiefang medium & heavy-duty trucks has also taken the lead position in Chinese commercial truck market.
FAW’s new energy vehicle has been put into mass production. Hongqi launched its first BEV model E-HS3 in 2019.
In 2019, FAW delivered 3.464 million vehicles to customers. Group sales revenue in 2019 totaled RMB 620 billion yuan, while earnings amounted to RMB 44.05 billion yuan. In addition, the group took the 87th place on the 2020 Fortune Global 500 list.
Thanks to tireless efforts over the past 67 years, FAW has established a market-oriented production layout, management system, operating mechanism and talents reverse. Over 90 percent of corporate assets were listed in China FAW Corporation Limited, which was officially established in June 2011. In January 2018, FAW released New Hongqi Brand Development Strategy in Beijing, and committed to build New Hongqi into a “New Noble Brand” of best in China and famous around the world. In December 2018, FAW unveiled its Strategic Vision Planning 2025. According to the plan, FAW will basically complete its major goal of building a world-class mobility service provider and doubling its sales and profits by 2025.