Chinese automaker FAW reports double-digit revenue growth in 2020

CHANGCHUN - First Automotive Works (FAW) Group Co Ltd, China's leading automaker, saw its revenue increase 12.5 percent year-on-year in 2020 to 695 billion yuan ($107 billion).

The company sold a total of 3.7 million vehicles last year. Sales of its leading sedan brand Hongqi exceeded 200,000 vehicles in the period, an annual increase of about 100 percent, according to data from the company.

The company said it stepped up its digital transformation in research and development, manufacturing and marketing in 2020, significantly raising its efficiency in R&D and production.

Founded in 1953 in Changchun, capital of Northeast China's Jilin province, FAW Group is dubbed the cradle of China's auto industry.