FAW Group chairman Xu Liuping wants Hongqi to double its annual sales this year to 200,000 units, while also aiming for a further growth of 1 million cars within the next decade.
The state-owned company, which used to be Chairman Mao’s favorite car brand, aims to have 21 models in its range by the year 2025, 18 of which will be electrified, stated Xu during an official event covered by Reuters.
According to Xu, the world’s largest market is also becoming its most competitive, as Hongqi is beginning to emerge as a benchmark for China’s premium local brands.
Also read: Former Rolls-Royce Design Boss Lands Job At China’s Hongqi
Last year, Hongqi hired former Rolls-Royce design chief Giles Taylor, who worked on the Phantom VIII as well as the Cullinan, to head its design team in Munich as a step in the right direction on expanding in the premium segment. The Chinese carmaker also boosted its dealerships to around 271 sites in China, selling no fewer than 100,166 cars in 2019.
The plan is now to sell 200,000 units this year, 400,000 units in 2022 and 600,000 in 2025. Xu added that come 2030, FAW wants to sell around 800,000 units per year overall, aided by its partnerships with Volkswagen and Toyota.
During last year’s Frankfurt Motor Show, Hongqi brought over two very exciting concepts in the S9 hypercar and the E115 SUV, which you can see below. The former is a 1,400 HP hybrid capable of hitting 62 mph (100 km/h) in 1.9 seconds, while the latter is fully-electric and is said to offer a driving range of 373 miles (600 km).
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