FAW Group Reports August Production and Sales
The state-owned car manufacturer saw positive results for the month of August for both subsidiaries and joint ventures.
Chinese state-owned automotive manufacturing company FAW Group released its August production and sales data on September 8. The data showed that in August, the company produced 303,079 vehicles, an increase of 8.8% year-on-year, and sold 314454, an increase of 14%.
In terms of sub-brands, Hongqi produced 21,671 vehicles, a year-on-year increase of 90.9% with a sales volume of 21,020 vehicles, up 109.8% year-on-year, achieving consecutive growth since January 2020. FAW Jiefang produced more than 37,000 vehicles in August, a year-on-year increase of more than 60% and selling more than 36,000 vehicles, an increase of more than 60% year-on-year. FAW's Besturn brand produced 2,375 vehicles and sold 4,446.
As of joint ventures, FAW-Volkswagen dominates the sales of FAW Group. FAW-Volkswagen produced 175,965 vehicles in August, a year-on-year increase of 0.3% selling 193,106, a year-on-year increase of 7.8%, accounting for nearly two-thirds of FAW Group’s sales. FAW Toyota produced 54,175 vehicles, a year-on-year increase of 15.8% selling 52005, up 17.2% year-on-year. FAW Mazda produced 9,494 vehicles, an increase of 7.4% year-on-year and sold 6,141.
It is worth mentioning that, although the sales share of the joint ventures is still dominated by FAW-Volkswagen and FAW Toyota, this year, FAW Group focused on FAW Mazda's relatively weak business.
On May 7, FAW Group announced the formal adjustment of the management relationship of FAW Mazda by changing the main body of cooperation, with Mazda Japan holding 60% shares.
Other than that, FAW Mazda will set up a new division, which will be at the same management level as FAW-Volkswagen and FAW Toyota.