China’s FAW Kicks Off 2024 With A Significant Sales Surge For First 2 Months
FAW saw sales surpass 448,000 units these 2 months, up 17.7% from last year
China’s leading automaker, FAW Group Co Ltd, has reported surging vehicle sales in the first two months of this year, getting the company off to a good start for 2024. FAW Group’s auto sales exceeded 448,000 units in the first two months of 2024, up 17.7 percent year-on-year, according to the carmaker.
Of the group’s total sales, its Hongqi brand accounted for 65,300 units, a 37.56 percent year-on-year increase. Hongqi plans to launch more new energy vehicle models this year, which will boost its sales further. This is great news for the auto industry as a whole as well given last year’s chip shortage causing a drop in sales.
Moreover, FAW Group is state-owned and headquartered in Changchun, the capital of Northeast China’s Jilin province. It has produced and sold more than 54 million vehicles over more than six decades and, clearly, is showing no signs of slowing down or stopping anytime soon.
With this kind of success so early on in the year, it is a good sign that FAW will continue to see success, maybe not to this scale or maybe even higher, throughout the year and even end 2024 on a strong note as well. With China already being a global powerhouse in auto sales, this will only solidify their lead further.
FAW also collaborates with Audi in its home country of China and this also means that the German automaker will likely also be seeing a profit by the end of the year as their connection to the FAW brand will definitely help them make 2024 an even more successful year than last year as well.
On top of that, with FAW seeing a significant surge in sales only in the first two months of the year, we may even see the brand fight for the title of number 1 global electric vehicle (EV) exporter. This title was previously held by American EV brand Tesla, but was recently taken over by China’s BYD.
This is all very exciting news and we are sure that 2024 will be a whirlwind ride for the automotive industry as a whole and sales of many Chinese vehicles will be fun to keep track of to see who outsells who and who remains or falls from the top ranks by the end of the year. Who needs to watch F1 when you have this, right?
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