Great Wall Motor plans to achieve overseas sales of over 1 million units by 2030, with premium models accounting for more than 1/3 of the total, it said.
(Image credit: CnEVPost)
Great Wall Motor has postponed its goal of achieving 1 million annual sales overseas, as global market conditions become more challenging.
Great Wall Motor plans to achieve overseas sales of more than 1 million units by 2030, with premium models accounting for more than one-third of the total, the Chinese carmaker said in a post published on its WeChat account yesterday.
The latest plan is a delay from the target mentioned in October last year, when Great Wall Motor said it planned to achieve annual sales of 1 million units in overseas markets by 2025, with 400,000 of them produced locally overseas.
Great Wall Motor was one of the first Chinese car companies to venture into overseas markets, with 27 years of experience so far, according to its WeChat post yesterday.
The company will increase its investment in overseas markets, taking its research and development, production, supply, sales and service systems overseas under one Great Wall Motor brand, it said.
To date, Great Wall Motor has cumulatively exported its vehicles to more than 170 countries and regions across the globe, with more than 1,000 overseas sales outlets, the automaker said.
Great Wall Motor has over 14 million users in the global market, with cumulative sales of over 1.4 million vehicles overseas and overseas sales crossing the 300,000 milestone in 2023, it said.
Great Wall Motor's delayed target in overseas markets comes at a time when the market environment has become increasingly complex.
Subsequently, Great Wall Motor president Mu Feng said on Weibo that the company had filed a response to the investigation on October 11 and had begun to move forward with selecting a location for a European R&D center.
On October 25, 2023, Shi Qingke, Great Wall Motor's vice president and head of overseas business, said the company planned to achieve annual sales of one million vehicles in overseas markets by 2025, of which 400,000 will be locally produced overseas.
Great Wall Motor sold 1,230,530 vehicles in 2023, up 15.27 percent year-on-year, according to data compiled by CnEVPost.
It sold 316,018 vehicles overseas in 2023, up 82.48 percent year-on-year, contributing 25.68 percent of all vehicle sales.
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