Great Wall Motor Records 16.32% Drop in July Vehicle Sales, Despite Overall Growth in 2024
In July 2024, Great Wall Motor (“GWM”) experienced a 16.32% decline in vehicle sales, with a total of 91,285 units sold. This decrease is a stark contrast to the company’s overall performance for the year, as GWM has seen a 3.6% increase in sales from January to July 2024, totaling 650,954 vehicles.
One of the bright spots for GWM is the new energy vehicle (NEV) sector, which contributed 24,145 units to the July sales figures. Year-to-date NEV sales have reached 156,519 units, showing a significant 28.14% increase compared to the previous year.
Additionally, GWM has experienced a surge in overseas sales, with a 58.8% growth in Jan.-Jul. sales compared to the same period last year. In July alone, 38,185 units were sold internationally, bringing the total overseas sales for the year to 239,685 units.
The company has also seen success in the higher-priced vehicle market, with 163,378 units priced above 200,000 yuan sold in the first seven months of 2024. This represents a substantial 48.64% increase compared to the previous year.
Breaking down the sales performance by specific brands, HAVAL, WEY, Great Wall Pick-up, and ORA all experienced year-on-year declines in both July and Jan.-Jul. sales. HAVAL stood out as the top-performing brand, with 52,944 units sold in July and 352,682 units sold in the first seven months. TANK was the only brand to achieve a year-on-year increase in both monthly and year-to-date sales.
Overall, despite the dip in July sales, Great Wall Motor continues to show growth and success in various segments of the market. With a focus on NEVs, overseas expansion, and higher-priced vehicles, GWM is poised to maintain its upward trajectory in the automotive industry.
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