From scale to value: Great Wall Motors' revenue hits a new high, with an average guiding price per vehicle exceeding 200k yuan

China Economic Journal Reporter Chen Yannan Beijing Report

Recently, Great Wall Motors officially released its 2025 annual performance report. In the context of fierce competition in the domestic auto market and ongoing industry price wars, the company achieved an operating revenue of 222.82B yuan for the year, a year-on-year increase of 10.2%, setting a new record high for revenue scale, and maintaining a continuous upward trend over the past six years.

It is worth noting that 2025 is a year when the upward brand development of Great Wall Motors is fully released. Relevant data shows that the company’s average revenue per vehicle reached 168.3k yuan, an increase of about 4,500 yuan compared to 2024; the average guiding price per vehicle reached 201.3k yuan, up 11.7k yuan year-on-year, with the product value center continuing to rise.

An industry insider analyzed to the “China Business Journal” reporter that, under the pressure of industry profits, Great Wall Motors maintains strategic focus, concentrates on profit structure optimization, further deepens high-quality development, and promotes the proportion of sales of models above 200k yuan to rise to 41%. The company also invests operating gains into technology R&D, new vehicle development, overseas factory construction, and employee year-end bonuses. With the sustained growth of high-end brands, gradual expansion into high-potential overseas markets, and the cost advantages brought by the modular “Longban” platform, its profitability is expected to continue to improve.

Enhanced Brand Premium Power

From the perspective of profitability, affected by factors such as intensified industry competition, expansion of direct sales channels, increased investment in new vehicle marketing and promotion, and the pace of scrapping tax rebates, Great Wall Motors’ net profit for the year was under some pressure compared to the previous year, but operational quality was not weakened.

Relevant data shows that the company’s net cash flow from operating activities for the year was approximately 40.4 billion yuan, with ample cash reserves, providing solid support for long-term strategic investments such as R&D, capacity layout, and channel construction. Meanwhile, the company’s asset-liability ratio decreased by 2.73 percentage points from the beginning of the year, with the debt structure continuously optimized and risk resistance further enhanced.

In terms of sales, Great Wall Motors sold 168.3k new vehicles in 2025, again setting a new record high. Sales of new energy models and overseas sales both hit new records, becoming the two core engines driving growth. Against the backdrop of a slowdown in overall industry growth, the company’s sales still maintained steady growth, demonstrating strong cyclical resistance of its product matrix and market layout.

Notably, the contribution of high-end vehicle sales increased significantly in 2025. The sales of models above 200k yuan reached 534k units, an increase of 91k units from 2024, accounting for 41% of total sales, up 6 percentage points year-on-year. This change indicates that Great Wall Motors has gradually moved away from reliance on economy models and is steadily advancing into the mid-to-high-end market, with its brand premium power continuously strengthening.

At the same time, Great Wall Motors’ multiple brands are working together. The brands Haval, WEY, Tank, Ora, and Great Wall Cannon are all making breakthroughs in their respective segments.

WEY’s annual sales reached 101,954 units, a surge of 86.29% year-on-year, with significant results in high-end transformation. The “Gaoshan + Lanshan” dual flagship lineup continues to exert effort, with Gaoshan models delivering over 10,000 units for three consecutive months starting from October 2025, and winning the national MPV sales champion from July to December 2025, becoming the company’s second growth curve for high-end development.

Tank’s annual sales reached 232,713 units, continuing to hold a leading position in the rugged off-road market. The Tank 300 has ranked first in off-road SUV sales for five consecutive years, and the Tank 500 has ranked first in luxury off-road sales over 300k yuan for four consecutive years, firmly occupying the high ground in the independent luxury off-road market. Meanwhile, the Haval brand remains solid; models such as the 2026 Mangal, Big Dog, and H6L are being launched intensively; the Great Wall Cannon, Shanhai Cannon Hi4-T, and V6 Fire Cannon continue to consolidate their advantages in the pickup truck market; Ora, Great Wall Spirit Motorcycle, and Great Wall Commercial Vehicles are advancing simultaneously, forming a resilient growth curve.

Dual-Drive of High-End and Globalization

In the rugged off-road segment, Great Wall Tank is forming dual barriers in technology and market. Data shows that in 2025, domestic non-load-bearing SUV sales reached 409k units, an 18.2% increase year-on-year, setting a new historical high. Relying on the Hi4-T and Hi4-Z hybrid architectures, Tank achieves full power and full scene coverage, successfully breaking into the “urban + light off-road” user groups from traditional hardcore off-road, continuously diverting market share from urban SUVs.

In overseas markets, the Tank brand has been exported to more than 30 countries and regions, completing key market layouts in Australia, Mexico, the Middle East, ASEAN, and South Africa. Regionally, in December 2025, Tank 700 officially entered the Middle Eastern market. Tank’s market share outside the U.S. and China increased to 6.8%, up 0.5 percentage points year-on-year; in non-U.S. and non-Russian regions, the share increased to 4.0%, up 2.0 percentage points.

Institutions expect that, with its cost-performance advantage and leading PHEV technology, Tank’s export sales are expected to reach 79k units in 2026 and 127k units in 2027, gradually becoming a leader in the global off-road market.

Currently, “going global” has become an important growth pole for Great Wall Motors. In 2025, overseas sales increased by 11.7% year-on-year to 506k units, accounting for 38.2% of total sales; in the fourth quarter, overseas sales grew by 33.4% year-on-year and 25.9% quarter-on-quarter, further accelerating growth.

In terms of layout, Great Wall Motors adheres to the “ecological going abroad” model, promoting full industry chain collaboration overseas. In 2025, the Brazil factory was officially put into production, highly valued and witnessed on-site by Brazilian President Lula. It will radiate to markets in Mexico, Argentina, Chile, and other Latin American countries, opening a new round of growth. Meanwhile, the company insists on compliant operation, opposing zero-profit low-price dumping and other behaviors that damage China’s automotive image, participating in global competition with high-quality, high-value models.

To further open the global high-end market, Great Wall Motors successfully developed the 4.0T V8 engine, filling the gap in large-displacement high-end power, laying a technical foundation for entering the high-end automotive markets in Europe and America. The full powertrain technology route is accelerating, covering fuel, hybrid, pure electric, and hydrogen energy, adapting to different regional demands worldwide.

In January 2025, Great Wall Motors launched the world’s first native AI full-power automotive platform—the Yuan platform, compatible with ICE, HEV, PHEV, BEV, and FCEV five major power forms, with an over 80% commonality rate of core components, continuously improving R&D efficiency and reducing costs. This platform will support the intensive launch of multiple new energy models in 2026, initiating a new product cycle. On March 30, the all-new Tank 700 officially opened pre-sales.

Many brokerages remain optimistic about Great Wall Motors’ long-term prospects. CICC issued a research report stating that the company’s January release of the world’s first native AI full-power vehicle platform, Yuan platform, which supports different power types and models, with enhanced core components and systems, and ongoing cost reduction, is expected to support the accelerated launch of new energy models in 2026. Additionally, the high-end development of the WEY brand has been remarkable, with Gaoshan models delivering over 10,000 units for three consecutive months since October last year, building a second growth curve for high-end development. The company’s deep accumulation in overseas markets also positions it to benefit from multi-regional expansion opportunities.

Entering 2026, seeking truth and pragmatism has become the underlying logic of Great Wall Motors’ long-term practice. As the National Two Sessions conclude, a reporter from the “People’s Daily” interviewed Wei Jianjun, Chairman of Great Wall Motors, focusing on “integrity.” Wei Jianjun stated that credibility is the ballast stone for the company’s steady and long-lasting development. The fundamental reason for China’s automotive industry from big to strong lies in prioritizing credibility, insisting on safeguarding users’ interests, not shirking responsibility, and daring to take responsibility.

(Edited by: Zhang Shuo, Reviewed by: Tong Haihua, Proofread by: Yan Jingning)