The annual news conference of FAW and Hongqi was held on February 1, 2021. In line with the theme of “Innovation and Sharing in New Era”, the development of FAW Group and Hongqi was introduced at the conference.  

Over the past years especially in the recent three years during the “13th Five-Year Plan” period, FAW has achieved rapid development against the trend of recession. The number of cars sold a year has increased to 3.706 million from 3.1 million, an average growth rate of 4.5%. In 2020, 3.706 million cars were sold, up 7.1% year on year, or 9 percentage points higher than the growth rate of the industry. Rapid growth has been made in self-owned brands. The number of sold cars of Hongqi increased to 200,000 in 2020 from 4,702 in 2017, a surge of 42 times in three years. The sales of Jiefang increased by 61.8% within three years. Besturn is now in the process of integrating assets for further development. The joint ventures have been developing steadily. In the recent three years, FAW Volkswagen has moved up to the first place from the third and FAW Toyota to the eighth from the tenth in the ranking for joint ventures. 

In 2021, FAW plans to sell more than 4 million cars, a year-on-year increase of more than 7.9%, including 200,000 plus new energy vehicles, up more than 300% year on year; and 400,000 Hongqi cars, up 100% year on year. The revenues are predicted to reach RMB770 billion, a year-on-year increase of more than 10.6%. By 2025, FAW will strive to sell more than 6 million vehicles, with an annual growth of about 8% on average, and make more than RMB1 trillion revenues, with an annual growth of 8%-9% on average, with priority to be placed on improving operating efficiency and core competitiveness to consolidate the foundation for innovation-driven high-quality development.