CHINA FAW GROUP CO., LTD. (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.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 nine regions of three 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.
Hongqi 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.