China FAW Group Corporation, commonly referred to as FAW due to its original name of First Automotive Works, broke ground for its first factory on July 15, 1953. Since then, FAW has been at the forefront of promoting China's automobile industry. Although FAW began life solely as a truck producer, it later expanded into the light-duty truck and car sector. In 1991, working in partnership with Volkswagen AG, FAW created a new state-of-the-art production facility with a yearly production capacity in excess of 150,000 units. In 2002, Tianjin Automobile Industry (Group) Corporation was merged into FAW Group Corporation, and began joint venture production with Toyota Motor Corporation. At present, FAW's current production strategies put a heavier emphasis on the production of cars while maintaining our dominant position in the truck industry.
FAW has 27 wholly owned subsidiaries and controlling interest in 20 partially owned subsidiaries. Among these are FAW Jiefang Automobile Co., Ltd. and FAWER Automobile Parts Co., Ltd, which are wholly owned subsidiaries; FAW Car Co., Ltd. ,Tianjin FAW Xiali Automobile Co., Ltd. and Changchun FAW Sihuan Automobile Co., Ltd., whose shares are traded on the stock exchange, and FAW-Volkswagen Automobile Co., Ltd. and Tianjin FAW Toyota Motor Co., Ltd., and etc which are Sino-foreign joint ventures. FAW's production bases are evenly distributed in Northeastern China, Northern China and East of Shangdong Province ,and Southwestern China. FAW also has an advanced technology center for the research and development of new products, technology, and materials in China. The company's total assets are valued at 102.4 billion Yuan (US $ 12.4 billion) with over 132,400 employees.
FAW has expanded its product line into 6 different categories of vehicles including light, medium, and heavy-duty trucks, cars, buses, and mini-vehicles with total sales in excess of 7 million vehicles. FAW has been able to maintain its leading domestic market position while expanding into new international markets, executing a carefully planned strategy to build a comprehensive global organization.
In order to work towards our dream to "let every Chinese family own a car", we hold to our core value of "first automobile, first partner" and our management concept of "custom first". Currently, FAW employees are diligently working to build a new FAW, whose target is to be managed digitally, to become an auto-industry group with a capacity of one million units, and competent in the international market.
In December 2001, FAW convened the 11th session of the Party Representative Conference, the company's annual meeting with representatives of the government's Central Committee, and announced that FAW has successfully completed its third ramp-up phase during the 1988-2001 period, more than doubling production, marketing scope, sales income, profit, and employee income. In 2002, FAW extended its goals and announced changes relevant to China's entry into the World Trade Organization that will assure the company's continued growth in the global market. FAW is entering into an exciting and dynamic new era. From its humble beginning in 1953, FAW has become a major automotive player around the globe. Under superb leadership accompanied by an outstanding staff of dedicated people, FAW is proudly poised to become the benchmark for innovation, pleasing the world with the best automobiles and trucks available.