Chinese Hongqi Auto is strengthening its presence in overseas markets
The luxury automaker Hongqi, a subsidiary of the Chinese FAW Group, plans to expand into the global auto market, with a focus on the European market.
The new China News Agency (Xinhua) quoted a statement by the Chinese company as saying that it intends to establish more than 700 centers to test its cars, 1,000 stores, and 600,000 electric car charging stations abroad, as it aims for foreign sales to reach 10% of its total sales by 2025, then 25% of its total sales. Sales in 2030.
The company also aims to achieve total sales of more than one million vehicles by 2025, including more than 500,000 units of vehicles powered by new energy sources.
Sales are expected to exceed 1.5 million units, with new energy vehicles being the majority by 2030.
Hongqi, which means "red flag" in Chinese, has grown into a famous brand in China since its establishment in 1958 through years of limousine services for national festive occasions.
The brand achieved sales of 310,000 units in 2022, an increase of 3% annually.
FAW Group is one of the oldest and largest auto manufacturers in China, founded in 1953 and headquartered in Changchun, northeast China's Jilin Province.
Follow our latest local and sports news and the latest political and economic developments via Google news