China FAW Group Corporation is a state-owned auto manufacturer headquartered in Changchun, China. In 2019 it had US$89.67 billion in revenue and sales of over 3.1 million vehicles. 99.9 percent of FAW’s sales take place in China.
- Total score
- Assessment Note
FAW Car Company Limited (a subsidiary of FAW Group) received a full ACT assessment in 2019.
FAW has made the first step in making a low-carbon transition plan. For instance, the FAW brand Hongqi launched a new energy technology strategy in July 2019. Honqi’s detailed plan and future impacts were also discussed in FAW’s corporate social responsibility report. However, the plans of other FAW brands were not found.
FAW should make a long-term plan at the group level and set emission targets to guide its actions. The company is still far behind on its pathway for low-carbon vehicle share, with low-carbon vehicles accounting for just 0.9 percent of sales in 2019, while its well below 2-degree pathway requires 5.7 percent. Moreover, FAW can expand into innovative and profitable business models that contribute to the low-carbon transition. Although FAW has jointly launched the car sharing schemes “T3 travel”, no evidence was found of the profitability of this business model.
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More about the company
- Ownership structure
- Revenue (2019)
- US$89.67 billion
- Number of vehicles sold (2019)