Viewing a $1 million Porsche at the New York International Auto Show, currently running at the Jacob Javitz Center in Manhattan, probably won’t come as a major surprise (regardless of whether or not you think any car is worth the price). But learning that someone actually paid 5 million yuan (equivalent of $803,300 US) for a car made in China may hit many people with a severe case of sticker shock. However, according to a report by Bloomberg News, Chinese automaker FAW Group (formerly known as First Automotive Works) has succeeded in finding 5 buyers for its custom-made Hongii (Red Flag) L-5 limos now being featured at the Beijing Auto Show. These include the owner of a chain of furniture malls in the country, who said he has no problem waiting an anticipated 3 months for delivery.
The Red Flag L5 is the latest model to be released by FAW, which was first started in 1958 by the communist party as a “springboard” for domestically produced cars beginning with the Hongii CA72, which was based on a 1955 Chrysler (both as sedans and convertibles used in National parades) bearing a stylized grille made to resemble a traditional Chinese fan. The same grille design is used today. In addition to making all official government cars, FAW has partnered with Volkswagen AG to manufacture Audi cars in China.