Beijing (Gasgoo)- FAW Group’s commercial vehicle arm FAW Jiefang recently announced a significant milestone in its global strategy by signing a memorandum of understanding with a South Korean partner in Seoul. This partnership aims to deepen collaboration in truck exports, technological advancements, and market development, marking a key step towards accelerating globalization in the commercial vehicle sector.
Signing ceremony; photo credit: FAW Jiefang
The strategic partnership will see the two companies leveraging their strengths in products, technology, manufacturing, and distribution. They plan to collaborate on new energy and intelligent driving technologies, develop upgraded truck models tailored to local market needs, and establish a shared service system to enhance customer satisfaction and brand reputation.
In its 2024 annual report released on March 28, FAW Jiefang reported a revenue of 58.581 billion yuan and a net profit of 659 million yuan. The company’s total assets reached 72.749 billion yuan, marking a 6.85% year-over-year increase.
FAW Jiefang also unveiled its international strategy, “SPRINT2030,” outlining a clear roadmap for global expansion. In 2024, the company exported 57,000 vehicles, a 27.4% increase from the previous year, demonstrating rapid overseas growth. Its products are now available in over 80 countries and regions, with premium heavy-duty trucks gaining traction in Southeast Asia, the Middle East, Latin America, Africa, and Eastern Europe.
