Great Wall Motors Posts 106K April Sales, NEV Up

Great Wall Motors Reports Steady April Growth

Great Wall Motors (GWM), one of China's largest SUV and pickup truck manufacturers, reported April 2025 sales of 106,312 vehicles, a 6.25% year-over-year increase. The Hong Kong-listed automaker's cumulative sales for January through April reached 375,416 units, up 5.20% compared to the same period last year.

The results highlight GWM's resilience in a fiercely competitive Chinese auto market, though the company faces pressure on profitability — its Q1 2025 net profit fell 46% year-over-year to approximately $130 million (RMB 946 million).

Brand-by-Brand Breakdown Reveals Mixed Results

GWM's performance varied significantly across its sub-brands. The Ora electric vehicle brand posted the strongest growth, while the Tank off-road brand saw a notable decline.

• Haval (core SUV brand): 60,330 units, up 6.31% YoY
• Wey (premium brand): 7,965 units, up 65.56% YoY
• Ora (EV brand): 3,716 units, up 106.79% YoY
• GWM Pickup: 17,061 units, down 2.51% YoY
• Tank (off-road SUV brand): 17,016 units, down 11.38% YoY

The Wey brand's 65.56% surge and Ora's doubling of sales suggest GWM's electrification and premiumization strategies are gaining traction. However, Tank's 11% decline signals potential softening demand in the once-booming off-road SUV segment.

Overseas Sales Now Account for Nearly Half of Total

International expansion remains a critical growth driver for GWM. The automaker sold 50,475 vehicles overseas in April alone, representing nearly 47.5% of its total monthly sales. Cumulative exports for the first 4 months hit 180,570 units.

This heavy reliance on overseas markets mirrors a broader trend among Chinese automakers seeking growth abroad as domestic competition intensifies. GWM has established a significant presence in markets across Southeast Asia, the Middle East, Australia, and parts of Latin America and Europe.

New Energy Vehicles Remain a Growth Area

New energy vehicle (NEV) sales — encompassing battery electric vehicles (BEVs) and plug-in hybrids (PHEVs) — totaled 26,898 units in April. The January-to-April cumulative NEV figure reached 79,528 units.

NEVs now represent roughly 25% of GWM's total sales, a figure the company will likely need to increase as China pushes automakers toward higher electrification ratios. Competitors like BYD, which sells over 300,000 NEVs monthly, continue to dominate China's electrified vehicle market by a wide margin.

Profitability Pressure Looms Over Sales Growth

While top-line sales growth is encouraging, GWM's sharp Q1 profit decline of 46% raises questions about sustainability. The Chinese auto market's intense price war — driven largely by BYD and Tesla — has squeezed margins across the industry.

For Western investors watching GWM's Hong Kong-listed shares, the key question is whether the company can balance volume growth with margin preservation. GWM's diversified brand portfolio and strong export business provide some buffer, but the road ahead in China's cutthroat EV market remains challenging.