China's auto brand Hongqi to boost overseas expansion

Hongqi, a car brand under China's leading automaker FAW Group Co., Ltd., will accelerate expansion in the overseas high-end auto market with a focus on the European region, the company said. This was reported by The Xinhua News Agency.

The Chinese luxury auto brand will build more than 700 experience sites, over 1,000 service stores, and 600,000 charging terminals, the company said.

It also plans to boost overseas sales to account for over 10% of its total sales by 2025 and 25% of the total sales by 2030.

According to the company, Hongqi aims to achieve total sales of more than 1 mln units by 2025, including over 500,000 units of new energy vehicles (NEVs). By 2030, sales are expected to exceed 1.5 mln units, with NEVs being the majority.

Hongqi, meaning "red flag" in the Chinese language, has grown to be China's iconic marque since its establishment in 1958 through years of limo services for national ceremonial events. The brand achieved sales of 310,000 units in 2022, up 3% year on year.

FAW Group is one of China's oldest and largest automotive manufacturers. It was founded in 1953 and is headquartered in Changchun, northeast China's Jilin Province.