FAW Aims to Sell Nearly 6 Million Vehicles a Year by 2023

China’s FAW Group, in the next 5 years aims to sell 5.9 million new vehicles and achieve revenue of RMB 900 billion by 2023, with profits over RMB 80 billion and per capita income by RMB 180,000.

Related: Former Rolls Royce Design Director Joins FAW as Global Vice President of Design

Besides, the group will become a world-class mobility service company by 2030 and an important player in global auto industry. FAW clarified the above target at the Congress of Party Representatives held on 27th of November.

Up to now, three state-owned automakers have expressed their ambitions during the 13th Five-Year Plan period to become global giants with annual sales of 6 million. In June, Dongfeng Motor Group set up its annual sales goal of 6 million and intended to be an industry leader in management quality, independent business and emerging business.

Even though SAIC Group didn’t announce its sales target over the next 5 years, the group put forward the goal to bring the scale of global production to a new level and take a continual lead in domestic market share. In 2017, the group delivered nearly 7 million new vehicles and is expected to sell 10 million vehicles per year.

Related: FAW Secures Record 1 Trillion Yuan Credit Line

FAW Group has also recently signed a deal with 16 banks for a credit line worth more than 1 trillion yuan ($145 billion). If fully used, it would be enough to buy General Motors, Ford and Tesla combined. Headquartered in Changchun, the provincial capital of Jilin, FAW employs around 150,000 people around China, and plays an outsize role in the Chinese economy.

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