FAW Group Reports Q1 2024 Sales of 743,000 Vehicles, Up 9.5% Year-on-Year
Chinese automaker FAW Group sold 743,000 vehicles in the first quarter of 2024, a 9.5% increase from the same period last year, driven by strong growth in its self-owned and Hongqi brands.
- 743,000
- 208,000
- 100,300
What Happened
FAW Group reported total sales of 743,000 vehicles in Q1 2024, a 9.5% year-on-year increase. Self-owned brand sales reached 208,000 units, up 46.1%, while the Hongqi brand sold 100,300 vehicles, a 64.3% rise from Q1 2023. The company also noted that its new energy vehicle and export sales grew faster than the industry average.
100,300vehicles
up 64.3% year-on-year, a new quarterly high
Why this matters
FAW is China's oldest and largest automotive group, and its quarterly sales growth highlights the continued demand for its vehicles, reinforcing its market leadership.
Terms in This Story
- NEV
- New Energy Vehicle, a term used in China for electric, plug-in hybrid, and fuel cell vehicles.
Summarised from the linked release; details can be imperfect — always verify against the original source.