CHANGCHUN, Dec. 4 (Xinhua) -- Hongqi, an automobile brand under China's leading automaker FAW Group Co. Ltd., posted a rise of 46.7 percent in sales in the first 11 months of this year.
A total of 261,400 Hongqi-branded vehicles were sold during the period, said FAW Group.
Meanwhile, Hongqi has sped up the development of new energy vehicles. A factory focusing on electric cars with an investment of 8 billion yuan (about 1.3 billion U.S. dollars) has started production.
Hongqi, meaning "red flag," is China's iconic sedan brand. Established in 1958, the brand has been used in parades for national celebrations.
Founded in 1953 in the northeastern city of Changchun, the capital of Jilin Province, FAW Group is considered the birthplace of China's auto industry.