Top 10 Chinese car maker moves
China Daily, March 31, 2014 Adjust font size:
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A Hongqi H7 sedan is pictured at the 2013 Chengdu Motor Show on Aug 30, 2013. [China Daily] |
No 4. Homegrown Hongqi brand readied for revival
FAW Group in May officially launched its Hongqi H7 sedans in a bid to gain a slice of the lucrative high-end passenger car market, which is currently dominated by foreign brands.
The H7, released as part of the company's effort to revive the Hongqi, or Red Flag, is the country's first self-developed high-end passenger car model.
FAW introduced five H7 models, with prices ranging from 299,800 yuan to 479,800 yuan.
FAW Chairman Xu Jianyi said the H7 will first enter the business-car sector and then be available to the mass market to compete with foreign brands like Audi and Mercedes-Benz.
FAW launched the "Hongqi Revival" project in 2008 and by 2012, it had invested 5.2 billion yuan in the R&D of new models. It plans to invest another 10.5 billion yuan by 2015 to boost R&D and unveil more models.
Created in 1958 as China's top official vehicle, the Hongqi was used by national leaders at major celebrations as well as to transport important foreign guests including US president Richard Nixon during his landmark visit to China in 1972.
But production of the brand stopped in 1981 because of its fuel inefficiency and high cost.
