According to the Automotive Business Review, after Qiu Xiandong was promoted to chairman and party secretary of China first Automobile Group Co., Ltd., he immediately began a new round of organizational and personnel changes. Red Flag Brand 2023 Strategy Seminar and China FAW 2023 Strategy Seminar were held successively to clarify the strategic positioning of China FAW and Hongqi brand.
On October 8, China FAW announced the establishment of the Red Flag Brand Operation Committee and related personnel adjustments. Among them, Liu Yigong, deputy general manager of FAW, served as president of Red Flag Brand Operations Committee, and two other deputy general managers, Zhou Zhiping and Liang Guiyou, served as executive vice presidents. In addition, four senior executives in the group were adjusted to the Operations Committee to serve as vice president.
At the beginning of 2018, Red Flag brand announced a new brand strategy in the Great Hall of the people. Xu Liuping, former chairman of FAW, confirmed the strategic goal of building the new Red Flag into a "new noble brand" that is "number one in China and marked in the world". It also puts forward the goal of Red Flag sales reaching 100000 units by 2020, 300000 units in 2025 and 500000 units in 2035.
To achieve this goal, Red Flag quickly launched the H5 and HS5, and the red card brand sold 33000 vehicles for the whole year in 2018. In 2019, Red Flag launched HS7, with a starting price approaching 300000. In 2020, Red Flag launched H9, priced between 30.98 and 539800 yuan, against Audi A6L, Mercedes-Benz E-Class, BMW 5-Series and other models. At the end of 2020, Hongqi launched the most expensive model in history, the E-HS9, with a price range of 509800 yuan to 729800 yuan.
Retail data show that FAW Hongqi brand sales from 2020 to 2021 were 189094 and 273457 respectively. Affected by the epidemic and the supply of spare parts in 2022, Red Flag brand sold 285777 vehicles for the whole year. Although it failed to meet the target set by Xu Liuping, sales of Red Flag brand did increase in recent years.
In January 2023, FAW Group released the global strategy of Red Flag New Energy Brand. Xu Liuping said: "Red Flag Brand will promote the electrification of all models by All in New Energy." A more detailed goal is that by 2025, the total sales of the Red Flag brand will reach 1 million, including more than 500000 new energy vehicles. By 2030, the total sales of Red Flag brand will exceed 1.5 million, and new energy vehicles will become the main body of sales.
During the Shanghai Auto Show, Red Flag announced the positioning and description of the three sub-brands, namely, "Red Flag Golden Sunflower", "Red Flag New Energy" and "Red Flag Energy Saving car". The logo of the Hongqi Golden Sunflower brand is "Golden Sunflower", and the new generation of Red Flag L5 belongs to the brand. Hongqi New Energy sub-brand products focus on electric vehicles, with the launch of the new car E001 and the new SUV E202 during the auto show, of which E001 will be launched in November and E202 in February 2024. Red Flag energy-efficient car brand is the main source of Red Flag sales, including Red Flag H6, the new Red Flag HS5, the new Red Flag HS3 and the new Red Flag HS7.
Retail data show that FAW Hongqi sold 247932 vehicles in the first three quarters of 2023, with the top three models being Red Flag HS5, Red Flag H5 and Red Flag E-QM5, with 76364, 62924 and 48724 respectively. Hongqi E-QM5 is the only new energy vehicle, but this model is mainly exported to B-end channels. At present, if FAW Red Flag wants to gain a foothold in the new energy vehicle market, it depends on the next investment of the Red Flag brand in the new energy technology route, as well as the market acceptance of the products launched.
Red Flag brand is the focus of China's FAW development, Pentium brand and liberation brand will also make great strides forward. In terms of personnel, Yang Kui, general manager and party committee secretary of FAW Pentium car Co., Ltd., was appointed chairman and party committee secretary of FAW Pentium car Co., Ltd. Kong Dejun, who presides over the supply and procurement department of FAW, was promoted to general manager and deputy secretary of the party committee of FAW Pentium car Co., Ltd. At present, China FAW has no news of personnel changes related to the liberation of FAW.
In terms of joint venture brands, FAW-Volkswagen and FAW-Toyota will change their coaches at the end of 2022. A few days ago, FAW-Volkswagen announced that from October 8, 2023, Li Fenggang would succeed Sun Huibin as executive deputy general manager of FAW Audi sales Co., Ltd. fully responsible for the sales, after-sales service, network and brand marketing of all FAW Audi's domestic and imported cars in China, the latter will be transferred to the FAW Department of Strategy and Cooperation.
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