Beijing (ZXZC)- China’s major auto group, FAW Group, released its 2022 annual performance and operation targets at its press conference on January 18th. In 2022, FAW Group sets out to sell 4.1 million vehicles in total, with 450,000 to 500,000 vehicles from its Hongqi brand.

Photo credit: Hongqi 

In 2021, FAW Group sold 3.5 million vehicles, bringing in RMB707 billion in total revenue, crossing the RMB700 threshold for the first time in history. In 2022, the company sets out to sell 4.1 million vehicles with RMB770 billion of revenue, indicating a 17.1% increase, growing three times faster than the industry average.

Meanwhile, Hongqi sold 300,600 vehicles in 2021, surging 50% from a year ago. Its 2022 target of selling 450,000 to 500,000 vehicles represents an ambitious goal to reach another 50% year-on-year increase this year.

In 2021, FAW Group allocated RMB22.2 billion in R&D, with RMB10.2 billion into its wholly-owned brands. Of those wholly-owned brands, Hongqi took up RMB5.98 billion in R&D cost. In 2022, FAW Group aims to keep investing in R&D, keeping the same level of sales revenue to R&D cost ratio throughout the group, at 3%.

Moreover, in order to achieve its 4.1 million sales goal, the group also set specific targets for its two joint ventures. The 2022 annual sales target for FAW-Volkswagen aims 2 million vehicles, while FAW Toyota fights for 1 million vehicles.

Additionally, the auto group updated its signature logo on the same day. The new logo appears more two-dimensional than the previous one. According to FAW Group, the "E"s on the side now represent the group's determination of producing vehicles that are good for the "Environment" for users to "Enjoy".