Shanghai (ZXZC)- Hongqi, the state-owned FAW Group's premium auto brand, saw its annual production skyrocket 199% over the year-ago period to more than 100,000 units as of December 19, according to a media outlet.      

Besides, the China Passenger Car Association indicated the brand had 8,111 units in stock by November 30. Together with its current production capacity, Hongqi is capable of making 110,000 vehicles in the whole year of 2019.     

Xu Liuping, chairman and Party Secretary of China FAW Group, expected the annual sales of 2019 to reach 110,000 units, rather than 100,000 set at the beginning of this year, he said on November 26. However, some insiders argued that it seems difficult to achieve the target. According to Hongqi, a total of 88,000 vehicles were sold in the first eleven months, which only completed 80% of the 110,000-unit sales forecast.

The luxury car marque has been performing well since it released its development strategy of “New era, New Hongqi” in January, 2018. As of November, 2019, it has gained year-on-year growth for the 21th month in a row. If 110,000 vehicles were sold in 2019, the premium brand’s sales would shoot up 233% from the previous-year period. In addition, the Chinese automaker said it aims to sell 200,000 Hongqi-branded vehicles in 2020.

In addition, the FAW-owned brand is ambitious to achieve electrification of all its models. It launched the first all-electric model, the E-HS3, in August this year and it is expected to offer electric vehicles with 600-km range based on the FME platform in 2020. It plans to roll out 15 electric models by 2025 (photo source: FAW Hongqi).