FAW Group president Xu Jianyi said that it will use the economic crisis “as an opportunity for structural adjustment and innovation” and will focus on the development of energy-saving and environment-friendly vehicles this year, as well as vehicles for China’s vast rural areas.
In 2008, FAW spent 2.63 billion yuan in its R&D projects. FAW Group will focus on the R&D projects of several new models this year, including the luxury, high-end, medium-size and small-size models of its four platforms. The Jiefang truck platforms will be integrated and upgraded as well.
FAW Group will launch several of its self-developed new vehicle models in 2009, such as the Besturn B50 and Hongqi HQE sedans.
The automaker sold more than 1.5 million motor vehicles last year, up 7% year-on-year, compared with the 23% growth of 2007.
Their sales revenue for 2008 hit a record 218 billion yuan, up 9%, and subsidiary FAW VW sold 499,000 sedans in 2008, atop China’s sedan sales rankings for the year.
