CHANGCHUN, Sept. 1 (Xinhua) -- Hongqi, an automobile brand under China's leading automaker FAW Group Co. Ltd., posted a rise of 66 percent in sales between January and August this year.
A total of 180,600 Hongqi-branded vehicles were sold during the period, said FAW Group, adding it plans to double its 2020 sales of Hongqi vehicles to 400,000 units this year.
Meanwhile, Hongqi has sped up the development of new energy vehicles (NEVs). A factory focusing on electric cars with an investment of 8 billion yuan (about 1.24 billion U.S. dollars) is scheduled to start production by the end of October this year.
Hongqi, meaning "red flag," is China's iconic sedan brand. Established in 1958, the brand has been used in parades for national celebrations.
Founded in 1953 in the northeastern city of Changchun, the capital of Jilin Province, FAW Group is regarded as the cradle of China's auto industry. Enditem