CHINA DAILY | HONG KONG EDITION Monday, April 20, 2020 MOTORING | 17 Hongqi looks to keep Short Torque Virus tanks auto sales momentum market in Europe European car sales tanked last month amid strict lockdown meas- with smart vehicles ures to contain the coronavirus that shut down dealerships for at least half of March and dried up con- By CAO YINGYING sumer spending. ACEA, the Euro-
[email protected] 7.6 pean carmaker’s association, said billion yuan Friday that new car registrations Hongqi, the premium brand of “recorded a dramatic drop’’ of 55 investment for Hongqi’s new percent to 567,308 units. The drop FAW Group, broke ground on a plant in Changchun, is worse even than during the new energy vehicle factory on Jilin province Wednesday in Changchun, capital 2008-9 global financial crisis, which of Northeast China’s Jilin prov- triggered a six-year slump in car ince. purchases. The steepest losses dur- With a total investment of 7.6 200,000 ing that financial crisis occurred in billion yuan ($1.07 billion), the vehicles January 2009, when sales fell 27 new plant is expected to finish percent. Auto industry production are expected to be produced shutdowns have affected 1.1 million construction in 2022 and produce annually at the new plant 200,000 vehicles annually, includ- jobs and reduced production by at ing new energy vehicles and intel- least 1.2 million vehicles through ligent connected vehicles. the end of last month, according to Xu Liuping, chairman of FAW 21 ACEA statistics. Group, said that the move shows models FAW’s ambition of independent will be launched by Hongqi Tesla opens first innovation, strong ability and con- in the next five years flagship store on Tmall fidence to invest amid a depressed Buick's new SUV GL8 of GM is displayed during the media day for the Shanghai auto show last year.