China’s FAW Group Corporation (CFGC) has said that its subsidiary FAW Car Co., Ltd will be in charge of the Hongqi own brand.
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A SinoCast report says that FAW Group will hold a strategic seminar in June 2008 to work out ways to promote its self-developed brands. After the meeting, the future of Hongqi and other strategic matters will be fixed, the report said.
The Hongqi brand was formerly operated by a business division of FAW Car and controlled by FAW Group. After the adjustment, FAW Car will take control of the brand, which will speed up development of new products, the report said.
FAW Group planned in 2007 to invest CNY13bn in self-developed brand R&D and technological innovation by 2015, with quite a large part earmarked for the Hongqi brand. The listed company is busy setting up independent sales channel for the brand, the report added.
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