Company Overview of China FAW Group Corporation
China FAW Group Corporation manufactures and sells vehicles. Its products include passenger cars; light, medium, and heavy trucks; coach chassis; municipal transit and intercity, CNG urban, urban, and school buses; luxury tourist coaches; mini vehicles; engines; transmissions; axles; and components. The company serves customers in China and internationally. It has a strategic partnership agreement with China National Petroleum Corporation. China FAW Group Corporation was formerly known as First Automotive Works. The company was founded in 1953 and is based in Changchun, China.
No. 3025, Dongfeng Street
Founded in 1953
Key Executives for China FAW Group Corporation
Chief Accountant, Vice President and Member of CPC Standing Committee
Vice President, Deputy General Manager and Member of CPC Standing Committee
Vice President and Member of CPC Standing Committee
Compensation as of Fiscal Year 2016.
China FAW Group Corporation Key Developments
FAW Xiali Plans To Sell It Stake In FAW Toyota
Aug 22 16
Tianjin FAW Xiali Automobile Co., Ltd. (SZSE:000927) announces that it plans to sell 15% stake in FAW Toyota Research & Development Co., Ltd. to China FAW Group Corporation, and it is forecast to gain roughly CNY 2.5 billion from sales.
Sumotori Group Forms Joint Venture with First Automobile Works to Assemble Trucks in Primorye
Aug 17 16
Sumotori Group has formed a joint venture with First Automobile Works (FAW) to assemble FAW trucks in Primorye, and plans to localize production in future. Sumotori and FAW will sign an agreement at the second Eastern Economic Forum in Vladivostok at the beginning of September. The first has already begun - two months ago a joint venture was formed and the first [FAW] automobiles will already arrive in Vladivostok in September of this year 2016. The second stage, which will begin at the start of next year, is the delivery of chassis and upper section separately for trucks. Automobiles with the note 'Made in Primorye' in the manufacturer's certificate will be assembled on the basis of the joint venture in Artyom under the license of the Sumotori manufacturing plant. There is already a production base, which will completely modernize with Chinese partners. The third stage is deeper localization of production and assembly of major automobile components. There are plans to build a new plant, Verkeyenko was quoted as saying. The joint venture plans to apply for status as a resident of the Free Port of Vladivostok. At the first and second stages, the trucks will be sold primarily in the Far East, and at the third stage there are plans to expand sales to all of Russia.
First Automobile Works Group Provides Earnings Guidance for the First Half of 2016
Aug 15 16
First Automobile Works Group provided earnings guidance for the first half of 2016. For the first half, the company expects losses of between CNY 790 million and CNY 850 million, prompting the departure of a number of senior executives at the automaker. The FAW Group has begun to achieve sales growth, with sales in the first half of the year actually up by 8.22%, according to wholesale data from the China Association of Automobile Manufacturers (CAAM), but its production and sales companies have not been faring well. However, the automaker has not achieved the volume in sales that rivals Dongfeng Motor Group and market leader Shanghai Automotive Industry Corp. Group (SAIC) have done with their joint ventures in China. FAW is very low in the rankings of China's listed automakers, achieving only CNY 52.95 million in net profit last year, a decrease of 75% year on year. The group's revenue slumped 21.3 % to CNY 26.66 billion in 2015.
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