July 1, 2024 – Great Wall Motor Company Limited (GWM) has announced outstanding sales data for June 2024, showcasing remarkable growth in both domestic and international markets. The latest figures reveal that GWM sold a total of 559,669 vehicles from January to June 2024, marking a 7.79% increase compared to the same period last year. This robust growth is largely fueled by a significant surge in overseas sales.
Overseas Sales Surge
GWM’s commitment to expanding its global footprint is clearly paying off. From January to June 2024, the company sold 201,500 units overseas, representing an impressive 62.59% year-on-year increase. In June alone, GWM achieved a new monthly record with overseas sales of 38,104 units. This milestone underscores GWM’s strategic efforts and success in penetrating international markets, setting a strong foundation for future growth.
Strategic Growth and Adaptation
The rapid increase in overseas sales can be attributed to GWM’s strategic long-term planning and timely business adjustments. In 2022, GWM introduced the “ONE GWM” global strategy, which aimed to unify its brand presence and operations worldwide. Building on this foundation, the company launched the “Ecosystem Overseas” strategy in 2023, significantly increasing its investment in international markets. The ambitious goal set for 2024 is to achieve 500,000 overseas sales, a target that appears within reach given the current growth trajectory.
Organizational Enhancements
To support its aggressive growth targets, GWM has made crucial organizational and personnel adjustments. By the end of May 2024, the company had elevated its overseas organization to a primary level. A notable change included the promotion of Parker Shi, the former head of GWM International, to President of GWM International. This move signifies GWM’s commitment to strengthening its leadership team to drive international expansion.
Expanding Dealership Network
A key component of GWM’s growth strategy involves a substantial increase in its dealership network. In 2023, the company had 700 overseas dealerships. This number surged to 1,000 in 2024, demonstrating GWM’s dedication to enhancing its global presence and making its vehicles more accessible to international customers. This expansion is expected to significantly boost sales and customer satisfaction across various markets.
Promoting Localized Production
A crucial aspect of GWM’s “Ecosystem Overseas” strategy is promoting localized production to cater to specific market needs and reduce production costs. On June 26, 2024, GWM’s Knock-Down (KD) plant in Uzbekistan officially commenced operations, marking a significant milestone in the company’s international manufacturing capabilities. This facility is expected to play a crucial role in meeting the increasing demand for GWM vehicles in the region.
In addition to the Uzbekistan plant, several other projects are in the pipeline. GWM plans to commence production in Indonesia, Malaysia, and other strategic locations within the year. These initiatives are expected to bolster GWM’s production capacity and support its ambitious overseas sales targets. Localized production not only reduces costs but also allows GWM to tailor its products to meet the specific preferences and requirements of different markets.
Achievements in 2023 and Future Goals
The successes of 2024 build on an impressive performance in 2023, when GWM’s overseas sales exceeded 300,000 units, reflecting an extraordinary year-on-year increase of more than 80%. This growth trajectory is a testament to GWM’s effective strategic planning and execution. The company’s ability to adapt and respond to market demands has positioned it well for continued success.
Flexibility and Adaptation
To achieve its ambitious goal of 500,000 overseas sales in 2024, GWM is demonstrating flexibility and adaptability in its operations. The company is continuously monitoring market trends and adjusting its strategies accordingly. This proactive approach has enabled GWM to stay ahead of the curve and capitalize on emerging opportunities in various international markets.
Focus on Electric Vehicles
A significant part of GWM’s growth strategy includes a strong focus on electric vehicles (EVs). As the global demand for EVs continues to rise, GWM is well-positioned to capitalize on this trend. The company has been investing heavily in the development and production of electric vehicles, aiming to become a leader in the EV market. This commitment to sustainability and innovation is expected to further drive GWM’s sales growth in the coming years.
GWM’s electric vehicle lineup includes a range of models designed to meet the diverse needs of customers worldwide. From compact city cars to larger SUVs, GWM’s EVs are known for their advanced technology, superior performance, and eco-friendly attributes. By expanding its EV offerings and making them accessible in more markets, GWM is set to attract a broader customer base and contribute to a greener future.
Enhancing Customer Experience
In addition to expanding its product lineup and dealership network, GWM is focused on enhancing the overall customer experience. The company is implementing various initiatives to improve customer satisfaction, including after-sales services, warranty programs, and customer support. By prioritizing customer needs and expectations, GWM aims to build long-lasting relationships and foster brand loyalty.