The new center will focus on creating cars powered by alternative energy sources, as well as implementing other innovative solutions. Total investments in this project are estimated at 2.7 billion yuan, equivalent to approximately $380 million. This research and development center will allow the company to conduct a full range of work on creating and testing new models. Currently, the process of developing FAW cars is carried out on the basis of five such centers scattered around the world, including in Germany and the United States.
Earlier, FAW Group signed several strategic partnership agreements in the field of research and development with organizations such as Toyota Motor Corporation and Alibaba.
Under the agreements with Toyota, both parties plan to apply their developments to jointly work on hybrid and electric cars, as well as vehicles powered by hydrogen fuel cells. As for Alibaba, it will be engaged in forming a global digital platform for FAW Group, and will also join research projects, product promotion, and consumer engagement, using its information analysis methods. Among the key tasks are creating new-generation Intelligent-Connective Vehicle (ICV) cars, as well as exploring areas related to "smart logistics," the "Internet of Things," and blockchain.
In the Fortune Global 500 ranking, published in July 2019, FAW Group ranked 87th, rising 38 positions in a year. FAW is considered China's first automobile company — its history dates back to 1953, and it is one of the leaders of the local auto industry. FAW's annual sales exceed 3 million vehicles. The company actively cooperates with brands such as Volkswagen, Audi, Mazda, and Toyota. The group's operations cover 40 countries, it includes 28 subsidiaries, and FAW holds a controlling stake in 18 more companies.
