Hongqi, a car brand under China’s leading automaker FAW Group Co., Ltd., registered a new sales record this year, with the number of vehicles manufactured and sold both exceeding 200,000 units as of Friday, the company said.
Hongqi, meaning “red flag,” is China’s iconic sedan brand. Established in 1958, the brand has been used as the vehicle for parades at national celebrations.
In recent years, FAW Group has sped up the expansion of its product portfolio. The new Hongqi SUV E-HS9, which targets the high-end auto market, has entered the market this month.
Hongqi’s sales exceeded 100,000 units last year. The company has set sales targets of 600,000 units by 2025 and 800,000 to 1 million units by 2030.
Founded in 1953 in the northeastern city of Changchun, capital of Jilin Province, FAW Group is regarded as the cradle of China’s auto industry.