China FAW proudly announced that the retail sales of its prestigious Hongqi brand in 2023 have surpassed expectations, with figures soaring to over 370,000 vehicles. This achievement marks an impressive year-on-year increase of 29.5%. Notably, the new energy segment witnessed an extraordinary surge, with retail sales exceeding 85,000 vehicles, a remarkable 135% year-on-year increase, contributing to an overall penetration rate of 23%.
The Hongqi H5 and Hongqi HS5 models, in particular, achieved outstanding success, both surpassing annual sales of 100,000 units, representing a notable year-on-year increase of 40%.
Among the new energy products, the Hongqi brand boasts pure electric offerings such as the large SUV Hongqi E-HS9 and the medium-sized sedan E-QM5. A recent feat at the testing ground in Qionghai, Hainan, showcased Hongqi's commitment to innovation as their new independent electric vehicle set a world record with a braking distance of 29.68 meters from 100 kilometers.
This achievement underscores the brand's commitment to technological advancement and sustainability, establishing Hongqi as a prominent player in the evolving landscape of the automotive industry.
In contrast, FAW Toyota also reported commendable figures for 2023, with retail sales reaching 800,018 units, reflecting a solid year-on-year increase of 4.1%. The electrified models accounted for 35.6% of the total sales, signaling a growing interest and demand for environmentally friendly options among consumers.
High-end models from FAW Toyota also enjoyed robust sales, with 398,075 units sold, constituting an impressive 49.8% of the total sales. This showcases the brand's success in catering to diverse consumer preferences and maintaining a strong foothold in the competitive market.
FAW Toyota's overall automobile production reached 802,666 units in 2023, with hybrid models experiencing a significant 27% growth and new energy models witnessing a remarkable increase of 187%. These numbers underline FAW Toyota's commitment to sustainability and innovation, aligning with the global shift towards eco-friendly automotive solutions.
However, it's worth noting that Toyota Motor, FAW Toyota's parent company, recently announced the halting of some production lines in Tianjin, China. This move is part of Toyota's strategy to optimize its production system, considering factors such as the aging of models and changes in body types. Toyota clarified that this adjustment does not disrupt normal operations, showcasing the company's adaptability and forward-thinking approach in the ever-evolving automotive landscape.
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