AutoBeta(AutoBeta.net)05/19 Report--

According to the news, FAW Dongfeng will build a new high-end electric vehicle brand, collectively known as Plan H within the group; for the specific origin of the plan, the project design team, the management team and the first model are still unknown. And the brand will also follow the FAW Group's high-end brand Red Flag, will be an independent operating team, self-built independent sales channels.

It is clear from the subordinate status of the project that the division will be subordinate to Dongfeng Motor Group Co., Ltd., a company listed in Dongfeng Hong Kong. The company already has two new energy companies, namely Dongfeng Electric vehicle Co., Ltd. And Egett New Energy vehicle Co., Ltd.

As early as 2001, Dongfeng Group established Dongfeng Electric vehicle Co., Ltd., which is equivalent to Toyota's Denso company. The company has already mastered the development of electric models using three-electric technology, and has hybrid bus products and some special models of pure electric vehicles. Analysts believe that the reason for Dongfeng's establishment of a high-end brand is that FAW's red flag has made frequent efforts in recent years, making Dongfeng feel pressure in the market.

According to Dongfeng Group's annual report, in 2018, the company sold 3.0522 million cars, with sales revenue of 104.53 billion yuan, down 17% from the same period last year; and net profit of 12.979 billion yuan, down 7.7% from the same period last year.

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