Beijing (Gasgoo)- FAW Group's commercial vehicle arm FAW Jiefang recently signed a memorandum of understanding with a South Korean partner in Seoul, marking a new step in its global strategy, according to the automaker's announcement on April 7.
The two parties will form a long-term strategic partnership focused on truck exports, technological collaboration, and market development, aiming to accelerate the globalization of the commercial vehicle sector.
Under the agreement, the partners will leverage their respective strengths in products, technology, manufacturing, and distribution. They plan to share resources in new energy and intelligent driving technologies, jointly develop upgraded truck models tailored to local market needs, and establish a shared after-sales service system to enhance customer satisfaction and brand reputation.
On March 28, FAW Jiefang released its 2024 annual report. The company recorded annual revenue of 58.581 billion yuan and a net profit of 659 million yuan. Total assets reached 72.749 billion yuan for the company, which rose 6.85% year over year.
FAW Jiefang also introduced its international strategy, "SPRINT2030," providing a clearer roadmap for global expansion. In 2024, the company exported 57,000 vehicles, representing a 27.4% increase from the previous year, achieving rapid overseas growth. Its products are now sold in over 80 countries and regions, with premium heavy-duty trucks making headway in Southeast Asia, the Middle East, Latin America, Africa, and Eastern Europe.
