Half of Hongqi sales in 2025 expected to be NEVs

Hongqi, the premium arm of China's FAW Group, expects around 50 percent of its total sales in 2025 to be new energy vehicles.

The goal is part of the oldest Chinese premium marque's NEV strategy unveiled on Sunday. Hongqi also unveiled an architecture called FMEs and three electric models built based on it.

Xu Liuping, chairman of China FAW Group, said Hongqi's sales will rise to exceed 1 million in 2025. Last year, Hongqi sold 310,000 vehicles, up 3 percent year-on-year.

By 2030, NEVs will account for the majority of its estimated sales of 1.5 million units and its overall competitiveness joining the top ranks of global carmakers, he said.

Xu said Hongqi will launch 15 NEVs in three years, covering all segments. He said the brand has stopped investment in conventional internal combustion engine technology.

The brand expects its NEVs to boost its sales in international markets. Currently, Hongqi's major overseas markets are in Europe, including Norway, Sweden, the Netherlands, Germany and France.

By 2025, overseas sales will make up more than 10 percent of its total sales, and the figure will rise to 25 percent in 2030, said Xu.