First Automotive Works (FAW), a leading car manufacturer in China, recently announced that its operating income rose 12.5% in 2020. in annual terms and amounted to 695 billion yuan (about 107 billion US dollars).
In total, the company sold 3.7 million vehicles last year. In particular, sales of its iconic brand of sedans "Hongqi " ("Red Banner ") during this period exceeded 200 thousand cars, which is 100 percent. more than in the previous year, according to the company's data.
The company said it has accelerated digital transformation in R&D, manufacturing and marketing in 2020, which has significantly improved R&D and manufacturing efficiency.
FAW, founded in 1953 in Changchun, the administrative center of the prov. Jilin (Northeast China) is considered the cradle of the country's automotive industry.