Xi Guohua, acting as FAW of new CITIC Group, has not announced his successor

 Xi Guohua, acting as FAW of new CITIC Group, has not announced his successor

At the end of 2018, FAW Group released the 2025 vision plan, which will double the economic scale, value creation and per capita income in eight years, namely the 831 strategy. In 2019, FAW put forward three plans of Longteng, Huyue, Feima and three actions for the vision of 2025.

The reform of FAW has made initial achievements. In 2018 and 2019, with the overall Chinese automobile market declining for two years in a row, FAWs sales volume all rose against the trend. In 2019, FAW Group achieved total vehicle sales of 620 billion yuan, a year-on-year increase of 1.3%; operating revenue of 620 billion yuan, a year-on-year increase of 4.4%; profit of 44.05 billion yuan, a year-on-year increase of 2.2%.

In the joint venture sector, FAW Volkswagen exceeded 2 million vehicles in production and sales, and won the first place in passenger vehicle sales in the whole industry. According to the official data released by FAW Toyota, the annual cumulative sales volume reached 738000, an increase of 2% year on year. The two companies contributed nearly 80% of FAWs sales. In terms of independence, the annual sales of Hongqi brand exceeded 100000 for the first time, and completed the phased target of annual sales of 100000 in 2020 in advance. FAW Jiefang sold 335700 heavy, medium and light trucks in the whole year.

According to the official website of FAW Group, in May this year, FAW Group sold 344548 complete vehicles, an increase of 30.9% year on year. Under the severe market situation, FAW has generally outperformed the market.

During Xi Guohuas tenure, FAW Groups A-share vehicle listed companies also completed asset restructuring. On May 20 this year, the listed company FAW sedan officially changed its name to FAW Jiefang, with the securities code unchanged. The move is also seen as a signal of the restart of the overall listing plan of FAW Group.

2020 is the key year for FAW to accelerate the realization of the 831 strategic goal, and also the first year for the implementation of the 3341 action plan. At present, FAW Group is still in the deep water area of reform. After Xi Guohua leaves office, who will become the new general manager deserves attention. Facing the changes of automobile industry and market, FAW Group has a long way to go and is full of challenges.

(Xi Guohua photo source: FAW Group official website)