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Delay for 3 years! FAW Red Flag lowers sales target

2024-03-04 Update From: AutoBeta autobeta NAV: AutoBeta > News >

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AutoBeta(AutoBeta.net)10/15 Report--

After Qiu Xiandong took over the post of chairman of FAW for nearly half a year, he began to reform the red flag brand.

It is reported that from September 8 to September 9 and September 11, FAW Group held the Red Flag Brand Strategy Seminar and the Ecological Business Strategy Seminar respectively, systematically reviewed the strategy and comprehensively planned the strategic objectives and key tasks. It is understood that at this strategic seminar, it was officially announced that China FAW would establish a "SUCCEED 531" strategic planning system. Among them, the sales target of Red Flag brand has been adjusted.

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In the new "531" plan, Red Flag's goal of selling millions of vehicles will be postponed from 2025 to 2028, while increasing the share of new energy vehicle sales. It should be noted that the specific information of the Red Flag brand's "531" plan has not been released to the public before, but was recently disclosed in a recruitment notice released by FAW Group.

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On September 20, FAW Group issued a notice on the open recruitment of senior manager positions in FAW Hongqi Automobile sales Co., Ltd. The content shows that according to the "531" plan of China FAW Hongqi brand, by 2028, the total sales of Hongqi brand will exceed 1 million vehicles, including more than 700000 new energy vehicles.

Combined with previous news, at the global strategy conference of Red Flag brand new energy vehicles in January 2022, Xu Liuping, then chairman of FAW Group, proposed that the total sales of Red Flag brand will reach 1 million by 2025, of which the sales of new energy vehicles will exceed 500000; by 2030, sales will exceed 1.5 million, and new energy vehicles will become the main sales force.

After the adjustment of FAW Red Flag's strategic target, it means that Red Flag's plan to achieve its annual sales target of 1 million vehicles will be delayed by three years, but the proportion of new energy vehicles has increased, from 50% to 70%.

The day before, on September 19, China FAW officially announced that it would adjust the Red Flag marketing management system. Officials said that in order to strengthen the core functions of enterprises and accelerate the promotion of their core competitiveness, starting from the red flag business development strategy and focusing on the needs of the "All in" new energy strategy with red flag as the benchmark, China FAW recently strengthened the red flag brand marketing management system, integrating some institutions and functions of the marketing innovation institute, marketing center and new energy marketing center to become a brand-new marketing center. Deeply match the enterprise strategy and enhance the cooperative combat ability of the red flag brand marketing system.

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Up to now, the existing products of Hongqi brand include two major product systems: car family and SUV family, covering the middle and high-end market of 15-700000 yuan. Like most traditional car companies, the transformation of red flag cars into new energy is also a mixture of pure electricity and gas-electricity. Data show that Hongqi brand sold more than 260000 vehicles from January to September this year, of which 39000 were sold in September, an increase of 18% over the same period last year.

It should be noted that although the Red Flag brand began to layout the new energy strategy in 2018, the current performance of Red Flag in new energy is very mediocre. In the highly competitive new energy track, Red Flag only distributes two models, E-QM5 and E-HS9. Retail data show that E-QM5 sold 9152 vehicles in September, compared with 281 for E-HS9.

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At present, FAW of China is All in new energy strategy, and the whole side is facing the transformation of new energy vehicles. Qiu Xiandong stressed that starting from this year, FAW will firmly promote the All in new energy strategy, strive for the transformation of new energy vehicles, and accelerate the layout of new energy products. This year, Hongqi will launch two pure electric models, E001 and E202, and will launch a total of 11 pure electric models and 11 plug-in hybrid models by 2028, achieving full coverage of A-class to D-class sedan SUV, MPV and other market segments.

Data show that in the first half of this year, the cumulative sales of Hongqi new energy vehicles were only 33000, and according to Hongqi's latest plan, the sales of new energy models will exceed 700000 by 2028, which also means that the follow-up Hongqi brands will face a lot of pressure.

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