Great Wall Motor: Over 1.23M Units Sold in '23, Acceleration of Smart and EV
Autonomous driving AI model; entry into commercial FCV field
2024/03/06
- Summary
- Brands: ORA and Saloon to integrate, as well as WEY and Tank; Haval to focus on NEVs
- Subsidiary component suppliers: Covering electrification and intelligent technologies, producing semiconductors
- Overseas trends: Global strategy announced; overseas sales volume surges
- Commercial Vehicles: Establishing a subsidiary to enter the FCV commercial vehicle market
- Production and sales: Haval accounts for more than half of the sales volume; transition to NEVs is gradual
- Great Wall Motor's sales volume in China (ex-factory)
- GlobalData Sales Forecast: GWM’s light vehicle sales in 2027 will be 1,570k units
Summary
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| Haval Raptor PHEV (Source: Haval) |
According to Great Wall Motor Co., Ltd. (GWM)'s preliminary sales/production report, new vehicle sales in 2023 were up 15.3% year-over-year (y/y) to 1,231,000 units, of which overseas sales were up 82.5% y/y to a record 316,000 units. Sales of New Energy Vehicles (NEVs) totaled 262,000 units, up 98.7% over the previous year.
GWM operates under the Haval, WEY, ORA, Great Wall Pick-up Truck, and Tank brands, covering SUV, sedan, and pickup truck models. In February 2023, the company announced its participation in a commercial vehicle business utilizing hydrogen fuel cells.
In the NEV area, the company has established a development strategy that promotes multiple technology lines in parallel: hybrids (PHEVs (plug-in hybrids) and HEVs (hybrid electric vehicles)), BEVs (battery electric vehicles), and FCVs (fuel cell vehicles). On the R&D side, the company invested CNY 5.502 billion on development in the first three quarters of 2023, a 16.88% increase over the previous year. It should be noted that in June 2021, the company announced that its R&D spending by 2025 will reach CNY 100 billion.
In the areas of powertrains, intelligent technologies, and semiconductors, GWM is supported by its affiliated component suppliers. In November 2023, it was reported that power semiconductor IGBTs developed and manufactured in-house will be installed in vehicles.
As Chinese automakers focus on expanding overseas, it should be noted that GWM will begin producing electric vehicles in Thailand from 2024, and in Europe, its affiliate SVOLT Energy Technology Co., Ltd. (SVOLT) has received orders from BMW for batteries.
Related reports:
Thailand International Motor Expo 2023 (1) (Dec. 2023)
Auto Shanghai 2023: BYD, Great Wall Motor (May. 2023)
Chinese OEM Overseas Expansion Activities: BYD, Geely, Great Wall, NIO, Xpeng (Apr. 2023)
Guangzhou Motor Show 2022: NEV Models from Chinese OEMs (Jan. 2023)
Great Wall Motor: Becoming a global high-tech mobility company, sales of 4M units by 2025 (Nov. 2021)
IAA Mobility 2021: Great Wall Motor launches ORA and WEY brand NEVs in EU (Sep. 2021)
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