China FAW Group Corporation holds its 2021 annual press conference on Feb 1. [Photo provided to chinadaily.com.cn]

China FAW Group Corporation held its 2021 annual press conference on Feb 1, highlighting the history and development of FAW Group and Hongqi, China's iconic car brand, which is made by the FAW Group auto company.

FAW Group sold 32,500 Hongqi cars in January, a year-on-year increase of 158 percent.

In 2021, it plans to sell more than 4 million vehicles, a year-on-year increase of more than 7.9 percent. This will include 400,000 Hongqi vehicles, a year-on-year increase of 100 percent.

The group's operating income in 2021 is expected to hit 770 billion yuan ($119.27 billion), a year-on-year increase of more than 10.6 percent.

FAW Group was established in 1953 and put into production in 1956. It currently boasts 129,000 employees. Five major production bases in Northeast China, North China, East China, South China, and Southwest China have been established, and a global R&D layout model of "four countries and ten places" has been established.

FAW Group owns independent brands such as Hongqi, Jiefang, and Bestune, and is part of joint venture and cooperative brands such as Volkswagen, Audi, Jetta, Toyota, and Mazda. Its sales volume ranks among the top in China's auto industry.

During the 13th Five-Year Plan (2016-20), FAW Group's sales volume increased from 3.11 million to 3.71 million vehicles, an average annual increase of 4.5 percent. The company's market share increased from 11.1 percent to 14.6 percent, an increase of 3.5 percentage points.

Its revenue increased from 430.4 billion yuan to 696 billion yuan, and its profits increased from 41 billion yuan to 46.7 billion yuan, with operating quality and efficiency continuing to improve.

Sales of Hongqi cars have increased from 4,702 in 2017 to 200,000 in 2020.

Plans have been set for FAW Group during the 14th Five-Year Plan (2021-25), covering six areas.

The company will continue to develop its self-owned brands, boost innovation, strengthen cooperation, as well as promoting systematization and digitalization.

The annual sales volume of Hongqi cars is expected to reach 1 million by the end of 2025, helping Hongqi to become one of the frontrunners among the world's luxury car brands.