Hongqi Annual Sales Exceed 370,000 Units in 2023
Hongqi, the premium auto brand of FAW Group, sold over 370,000 vehicles in 2023, with new energy sales surging 135%.
- over 370,000
- 29.5%
- over 85,000
What Happened
Hongqi achieved a 29.5% year-on-year increase in annual retail sales in 2023, surpassing 370,000 units. The brand's new energy vehicle retail sales exceeded 85,000 units, a 135% jump from the previous year. Two mainstay models, the H5 and HS5, each sold over 100,000 units, up 40% year-on-year. Hongqi has seen sales rise for six consecutive years.
over 370,000units
29.5% year-on-year increase
over 85,000units
135% year-on-year increase
Why this matters
The sustained growth highlights Hongqi's expanding footprint in China's premium market and its accelerating shift to new energy vehicles.
Terms in This Story
- new energy vehicle (NEV)
- A vehicle that uses alternative energy sources, such as electricity or hydrogen, including battery electric, plug-in hybrid, and fuel cell vehicles.
- year-on-year (YoY)
- A comparison of a statistic for one period with the same period the previous year.
- premium auto brand
- A brand that offers vehicles with higher quality, luxury features, and typically higher price points than mainstream brands.
Summarised from the linked release; details can be imperfect — always verify against the original source.