CHANGCHUN, Oct. 12 (Xinhua) -- China's leading automaker First Automotive Works (FAW) Group Co., Ltd. will release 20 new models under its iconic sedan brand Hongqi in the next five years.
Hongqi will re-release its traditional oil-fueled cars as hybrid or electric models by 2023 and by 2025, pure electric cars will account for at least 25 percent of its total vehicle sales, according to Wang Guoqiang, FAW's deputy general manager. The Hongqi brand currently has eight models.
Hongqi's sales exceeded 100,000 vehicles last year. The company has set sales targets of 200,000 cars this year and 600,000 in 2025.
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. Enditem