Chinese car manufacturer FAW Group’s premium car brand Hongqi has crossed its annual production target of 200,000 units on December 20, 11 days ahead of schedule, as per media reports citing the company’s statement.
The company’s auto sales had doubled to 25,000 units in November.
Car sales in China have increased due to governmental procurement, and the demands of mobility service and car rental business. To meet the increasing demand for vehicles, the company has ramped-up production.
In January, the company had said that 21 new Hongqi models will be launched in the next five years and annual sales are expected to hit 700,000-800,000 units by 2025.
Chinese Ministry of Commerce stated in a press conference that the recovery of the domestic automobile market has accelerated and consumer demand has continued to expand due to the effects of the automobile consumption promotion policy.
The combined decline of major indicators such as new car sales, second-hand car transaction volume, and motor vehicle recycling volume has further narrowed and new car sales achieved double-digit growth for seven consecutive months in November.