Hongqi

A little-known U.S.-based engineering and design firm said it plans to invest 10 billion yuan ($1.41 billion) to make sports cars with China's FAW Group under the brand of choice of late revolutionary leader Chairman Mao Zedong, Hongqi. Silk EV on Monday told Reuters it has signed a memorandum of understanding with FAW to launch a joint venture in the state-owned automaker's hometown of Changchun, northern China, to make cars it has dubbed the S-series. FAW confirmed the CCTV report to Reuters

BEIJING/SHANGHAI (Reuters) - China's FAW Group aims to double its annual sales of Chairman Mao Zedong's carmaker of choice, Hongqi, or Red Flag, to 200,000 units this year and grow them further to 1 million cars in the next decade, its chairman Xu Liuping said. Hongqi, launched in 1958 by the state-owned carmaker, will have 21 car models under its marque and 18 of them will be electrified by 2025, Xu said at an event held in China's Great Hall of People late on Wednesday. Hongqi, based in the

China's FAW just debuted the Red Flagship in its Hongqi (Red Flag) lineup. Rejuvenating one of China's oldest upscale car names, the new HQ3 sedan is Red Flag's take on the Toyota Crown Majesta. The Hongqi brand was generally FAW's outlet for their large luxury cars, which were intended for only the elite. Most Hongqi models were based on older Audi designs, so this Toyota based HQ3 will be a huge improvement. Further encouraging news is the fact that FAW has partnerships with not only Toyota, b