GWM Drives Growth with 1.23M Vehicle Sales in 2024
On January 1, 2025, Great Wall Motor Company Limited (stock codes: 601633.SH, 02333.HK, 82333.HK; hereinafter referred to as “GWM”) released its sales data for December 2024. In December 2024, GWM achieved robust sales of 135,286 vehicles, reflecting a remarkable year-on-year increase of 20.25%. Among these, sales of new energy vehicles (NEVs) reached 42,265 units, up 41.55%, while overseas sales stood at 41,293 units, marking a 23.35% growth. For the entirety of 2024, GWM sold 1,233,292 vehicles, achieving significant growth in both volume and quality.
NEV sales totaled 321,795 units, up 22.82%, setting a new record, while overseas sales reached an unprecedented 453,141 units, up 43.39% year-on-year. These achievements solidify GWM’s position as a leader in the global automotive market. As of December 2024, GWM’s cumulative global sales exceeded 14.9 million units.
Strategic Vision and Growth in 2024
In 2024, GWM adhered to its long-term strategies and risk-aware mindset, focusing on intelligent NEV technologies, enhancing product strength, accelerating globalization, and driving “ecosystem-based overseas expansion.”
Focus on Product Strength: Five Brands Make Further Progress
HAVAL: Known as a global SUV expert, HAVAL saw exceptional growth in December 2024, selling 83,425 vehicles, a 27.21% year-on-year increase. Annual sales totaled 706,234 units, contributing to cumulative global sales of 9.46 million units. HAVAL expanded its product lineup with the 2nd-generation HAVAL H9, the new-generation HAVAL H6, and the 2024 HAVAL Menglong, showcasing its innovation and market adaptability.
WEY: The WEY brand recorded stellar performance with December sales reaching 8,808 units, reflecting a 150.8% year-on-year increase. Annual sales reached 54,728 units, up 31.55%. The WEY 07 model, a flagship offering, sold 8,057 units in December, growing by 214.24% year-on-year, underscoring its market appeal.
TANK: The TANK SUV lineup continued its impressive trajectory with December sales of 21,879 units, marking a 26.38% increase. GWM Drives Cumulative sales for 2024 reached 231,001 units, representing a robust 42.12% year-on-year growth. Global cumulative sales of TANK SUVs now stand at 602,000 units. In 2024, TANK introduced models like the TANK 700 Hi4-T and the 2024 TANK 400 Hi4-T. Notably, the TANK 700 Hi4-T set new standards for luxury off-road vehicles in China with its powerful 3.0T Hi4-T engine and exceptional off-road capabilities.
On January 1, 2025, the TANK 500 Hi4-Z officially launched, GWM Drives heralding a new era of new energy off-road vehicles. This model features efficient direct drive across all speed ranges, accelerates from 0 to 100 km/h in just 4.6 seconds, and offers an all-electric range of up to 201 kilometers. Enhanced GWM Drives intelligence and luxury features make it suitable for both urban commuting and off-road adventures.
ORA: In December, ORA sold 4,740 vehicles, contributing to an annual total of 63,272 units. The ORA 03 model received the highest GWM Drives satisfaction rating in the 2024 China NEV Customer Satisfaction Survey for pure electric compact cars, reaffirming its market position.
GWM Pickup: GWM Pickup maintained its leadership in the market for the 27th consecutive year, holding a GWM Drives domestic terminal market share close to 50%. In 2024, GWM Pickup launched several new models, including the SAHAR Off-Road Edition, 2.4T Off-Road POER, and King Kong POER 8AT. The SAHAR POER earned a C-NCAP five-star safety rating, underscoring GWM’s commitment to safety and innovation.
Advancing Intelligent Technologies
GWM has established itself as a pioneer in intelligent NEV technologies, with significant advancements in intelligent driving and digital ecosystems. In 2024, GWM introduced the new-generation intelligent driving system Coffee Pilot Ultra and the GWM Drives smart space system Coffee OS 3. Coffee Pilot Ultra offers full-scene NOA (Navigate on Autopilot) capabilities, providing a human-like driving experience without relying on high-precision maps. Coffee OS 3 enhances user experience with features that are GWM Drives visually appealing, intuitive, and highly interactive.
In the semiconductor sector, GWM achieved a breakthrough with the successful activation of the RISC-V automotive-grade MCU chip—Zijing M100. This development was bolstered by the establishment of Nanjing Zijing Semiconductor Co., Ltd., which further cements GWM’s leadership in intelligent automotive technologies.
Off-Road Innovations
As a leader in off-roading, GWM introduced the Hi4-T off-road hybrid architecture, combining gasoline, diesel, hybrid, and plug-in hybrid powertrains with intelligent all-terrain technology. The launch of the Hi4-Z architecture GWM Drives marked a milestone in off-road innovation, featuring ultra-long-range capabilities and cutting-edge technology. The Hi4-Z platform supports up to 715 kW of system power, 0-100 km/h acceleration in 4 seconds, and a pure electric range exceeding 200 kilometers, revolutionizing the off-road experience.
On October 22, 2024, GWM unveiled its off-road classification standard, dividing vehicles into four levels: Super Strong Off-Road, Strong Off-Road, General Off-Road, and Urban SUV. This standard helps users select models that best suit their needs, ensuring safety and enjoyment across various terrains.
Global Expansion
GWM’s commitment to globalization is exemplified by its “ecological overseas expansion” model, integrating research, production, supply, sales, and service. In 2024, GWM’s overseas sales reached 453,141 units, with significant milestones achieved across multiple markets. Key highlights include:
- Europe and the Middle East: Launch of the WEY 80.
- Kazakhstan: Introduction of the TANK 700 Hi4-T and the second-generation HAVAL H9.
- Chile and Indonesia: Entry of the TANK 500.
- South Africa, Mexico, Azerbaijan, and Malaysia: Launch of the TANK 300.
- Thailand and Australia: Debut of the SAHAR POER and localization of the ORA 03.
In global production, GWM advanced its CKD (Complete Knock Down) projects in Malaysia and Indonesia, signed agreements for the Senegal KD factory and Vietnam CKD project, and celebrated the 10,000th vehicle rollout at its Pakistan KD factory. The GWM Drives Brazilian factory is set to begin production in mid-2025, further strengthening GWM’s global manufacturing footprint.
Entry into Premium Motorcycles
In 2024, GWM diversified its portfolio by entering the premium motorcycle market with the launch of the S2000 touring motorcycle. Featuring a horizontally opposed 8-cylinder engine and 8DCT powertrain, the S2000 highlights GWM’s commitment to innovation and excellence in new segments.
Financial Performance
GWM’s financial performance in 2024 reflected its strategic growth. For the first three quarters, the company reported revenues of RMB 142.254 billion, a year-on-year increase of 19.04%, and a net profit of RMB 10.429 billion, up 108.7%. Net profit attributable to GWM Drives shareholders after extraordinary items reached RMB 8.374 billion, a 119.93% increase year-on-year. The average revenue per vehicle rose to RMB 166,600, up RMB 28,300 from 2023, showcasing GWM’s focus on high-quality growth.
Vision for 2025
Looking ahead to 2025, GWM aims to build on its achievements by driving advancements in intelligent NEV technologies, strengthening its off-road GWM Drives capabilities, and accelerating global expansion. By maintaining a steadfast commitment to innovation and sustainability, GWM is poised to lead the next phase of growth in China’s automotive industry and beyond. With a focus on operational excellence and high-quality development, GWM will continue to inspire confidence and deliver value to its customers worldwide.nefits, GWM aims to deliver exceptional value to its users while driving sustainable growth in the global automotive landscape.
