Sina Technology News On the morning of November 27, Sina Technology learned from people familiar with the matter that Great Wall Motor is planning to fully enter the European market. After the German and British markets, Great Wall Motor plans to further expand into eight new European markets.
Currently, Chinese car companies are in full swing going overseas, but expanding into the European market is relatively complicated. The first is policy factors. In September of this year, the European Commission announced the official launch of a countervailing investigation against electric vehicles imported from China; second, the European market is the base for luxury brands such as BBA. Users demand high high-end experience, and market competition is fierce, so it is not easy to gain a foothold.
In response to the EU's countervailing investigation, in October of this year, Great Wall Motor President Mu Feng said on Weibo that Great Wall Motor had submitted response materials for the first time on October 11. “There will be ups and downs for Chinese cars to go overseas, but we are determined to speed up the pace of going overseas.” He revealed at the time that Great Wall Motor had already begun to advance the site selection process for its European plant, and would launch more new energy models in Europe, accelerate the construction of a European localized R&D team, and introduce more new energy, intelligent technology and resources into Europe.
Looking at it now, the EU's countervailing investigation has had little impact on Great Wall Motor's expansion plans in Europe.
In terms of specific overseas strategies, Chinese car companies have two models: one is an asset-light model of exporting products to foreign sales, and the other is a localized model of local production and marketing. Great Wall Motor chose the latter type. It invests more resources, but it is also more conducive to long-term development in the local market.
At the 2022 Overseas Dealer Conference, Great Wall Motor determined the latest global brand strategy: focusing on the GWM brand, formulating different development paths overseas with the category characteristics of the five major brands of Haval, Weipai, Euler, Tank, and Great Wall Pickup, combining the markets and industrial policies of different countries and regions, differentiating the layout of new energy products, and building a localized ecosystem.
According to people familiar with the matter, the eight new European markets Great Wall Motor plans to enter this time are Italy, Spain, Portugal, the Netherlands, Belgium, Luxembourg, Austria, and Switzerland. At present, Great Wall Motor's overseas brand GWM has initiated a real estate marketing plan in Europe and has begun to select a location for the R&D center. In European countries such as Germany, the United Kingdom, Ireland, and Sweden, GWM has established cooperative relationships with local partners, and agreements with partners in other markets are being prepared.
Recently, the Weipai Latte PHEV (WEY 03), owned by Great Wall Motor, has just been officially launched in Europe, starting at 47,990 euros (approximately RMB 370,000). It is worth noting that this price is not only higher than domestic sales prices, but is also at the same level compared to luxury models sold in Europe, and is entering the hinterland of BBA luxury brands.