FAW Car net profit surges 140% in the first three quarters

Shanghai (Gasgoo)- FAW Car released its Q3 performance report on October 28th showing that its net profit achieves RMB 291m in the previous three quarters with year-on-year growth of 140.69%. What’s more, a personnel change announcement came with the financial result report. Hu Yong, its general manager would be replaced by vice general manager Liu Changqing. Insiders said that the personnel shift conforms to Xu Liuping’s reform strategy and may bring innovative development to the brand.
The report said that FAW Car’s rising net profit results from the company’s effective promotion of all work, improved production R&D and marketing capabilities in the reporting period. The market breakthrough of self-independent brand Besturn X50 and continuous high sales of double star models contribute to the financial achievements.
It should be noticed that FAW Car showed relatively good performance when the average market growth slowed down in the first half of year. FAW Car had a total sales volume of 169,000 units from January to September with a year-on-year growth of 28.2%. Mazda sold 88,600 units with a year-on-year growth of 56.3%, while sales volume of Besturn brand reached 80,400 units. Some dealerships said FAW Car would witness better growth in Q4 with the improving product layout and on-coming busy season.
Liu Changqing’s position shift conforms to Xu Liuping’s reform strategy in rejuvenating the FAW Group. To build Hongqi brand into “the first and only domestic luxury brand”, FAW Group has temporally transferred more than 20 talents from FAW Volkswagen into Hongqi, which is interpreted as building Hongqi brand by learning from joint-venture experience. Liu Changqing has rich work experience in joint-venture companies, leading team to accomplish the construction of many car production bases and achieve sales volume of exceeding 1m units during his time in FAW Volkswagen.
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