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

category:Finance
 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.

It is worth mentioning that during his term of office, Xi Guohua promoted the cooperation between FAW and CRRC. In December 2018, FAW Group signed a strategic cooperation agreement with CRRC. The two sides will take the cooperation in the field of new energy vehicles as an opportunity to establish a long-term strategic partnership.

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)

Xi Guohua, born in Dongyang, Zhejiang Province in December 1963, obtained his bachelors degree in engineering from Shanghai Railway College in July 1985, his masters degree in engineering from Changsha Railway College in June 1997, and his masters degree in engineering from Central South University in December 2007. He used to be deputy director, director and Deputy Secretary of the Party committee of Zhuzhou Electric Locomotive Research Institute, deputy general manager, deputy general manager, chief engineer and Secretary of the Party committee of CNR group. In June 2008, he served as the executive director, President and member of the Standing Committee of CNR. In June 2015, he served as president of CRRC, and in November 2016, he served as vice chairman and Deputy Secretary of the Party committee of CRRC. In August 2017, he was transferred to be the chairman and Secretary of the Party committee of Xinxing Jihua Group Co., Ltd. On June 27, 2018, he served as the director, general manager and Deputy Secretary of the Party committee of China First Automobile Group Co., Ltd. Source: responsible editor of 21st century economic report: Wang Xiaowu_ NF

Xi Guohua, born in Dongyang, Zhejiang Province in December 1963, obtained his bachelors degree in engineering from Shanghai Railway College in July 1985, his masters degree in engineering from Changsha Railway College in June 1997, and his masters degree in engineering from Central South University in December 2007. He used to be deputy director, director and Deputy Secretary of the Party committee of Zhuzhou Electric Locomotive Research Institute, deputy general manager, deputy general manager, chief engineer and Secretary of the Party committee of CNR group. In June 2008, he served as the executive director, President and member of the Standing Committee of CNR. In June 2015, he served as president of CRRC, and in November 2016, he served as vice chairman and Deputy Secretary of the Party committee of CRRC. In August 2017, he was transferred to be the chairman and Secretary of the Party committee of Xinxing Jihua Group Co., Ltd. On June 27, 2018, he served as the director, general manager and Deputy Secretary of the Party committee of China First Automobile Group Co., Ltd.