[Exclusive] Chinese Carmaker FAW Group May Transform Hongqi Marque to Electric-Only Brand
Yang Haiyan
DATE:  Sep 29 2017
/ SOURCE:  Yicai
[Exclusive] Chinese Carmaker FAW Group May Transform Hongqi Marque to Electric-Only Brand [Exclusive] Chinese Carmaker FAW Group May Transform Hongqi Marque to Electric-Only Brand

(Yicai Global) Sept. 29 -- Chinese state-owned carmaker FAW Group Corp. may shift the position of its Hongqi brand to focus entirely on electric vehicles, an insider at the firm said.

Group Chairman Xu Liuping told staff that preliminary plans for Hongqi include engaging exclusively in electric vehicles, while the group will use its Besturn brand to handle conventional cars, the insider said.

Yicai Global has repeatedly attempted to contact the firm's public relations department but has been unable to connect.

Hongqi is FAW Group's luxury vehicle brand that originally made cars for the country's high-ranking government officials. After ceasing production in 1981, the marque began to pick back up in the mid-1990s. Revitalizing the brand is a key part of the group's plans.

Xu recently said that the company would "release the medium- and long-term development strategy for the Hongqi brand before the end of this year."

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Keywords:   FAW,Business Strategy,Hongqi,NEVs,Electric Vehicles