BANGKOK – Great Wall Motor (GWM) has been present in the Thai market for 3 years, anticipates 70% growth in EV cars, unveils a strategy for introducing 15 new models by 2025, and aims to secure its position among the top 3 xEV manufacturers by 2026.
As it enters its fourth year, the company is poised to expand its product lineup with new models.
Mr. Clyde Cheng, Chairman of Great Wall Motor, along with Mr. Wutthikorn Suriyachanthanon, Vice President of Marketing for the ASEAN Region, and Mr. Narong Sitalayon, Managing Director of Great Wall Motor (Thailand), unveiled the company’s strategic direction for 2024 at the ICONSIAM Cineconic movie theater.
GWM anticipates that the Thai car market will reach approximately 820,000 total sales, marking a 6% increase from the previous year. The xEV segment is expected to grow by about 40%, constituting 33% of the total market with approximately 270,000 units sold.
Notably, the market for 100% electric cars is projected to expand, driven by government incentives and the introduction of new brands. Thailand is forecasted to see electric car sales of around 130,000 vehicles in 2024, representing 16% of the total market—a 70% increase from 2023.
Mr. Clyde highlighted Great Wall Motors global success in 2023, with a total of 1,230,704 vehicles sold worldwide, marking a 15.29% increase from the previous year. Of these, 316,018 units were sold in overseas markets, reflecting an 82.48% surge. Impressively, the company recorded sales of 262,000 new energy vehicles, a 98% increase, solidifying its position as the first Chinese car manufacturer to expand successfully across nine ASEAN countries.
Mr. Narong emphasized Great Wall Motor’s pivotal role in shaping Thailand’s electric vehicle landscape over the past three years. The company introduced innovative business models like New Retail Business and One Price Policy, setting new standards in the automotive industry.
Great Wall Motor also actively participated in government initiatives supporting EV 3.0 and EV 3.5, contributing to ORA Good Cat’s status as the most registered electric car in Thailand in 2022. Successfully achieving Mission 9 in 3, the company launched nine complete car models within three years.
Entering the 4th year of GWM, projections suggest that the Thai car market will witness a total estimated sales figure of 820,000 vehicles, marking a roughly 6% increase compared to the previous year. Specifically, the electric vehicle (xEV) segment is expected to experience substantial growth, constituting around 40% of the market or approximately 270,000 units.
This growth is attributed to various factors including governmental support policies for EV 3.5 and the introduction of new brands. Forecasts indicate that Thailand will see sales of electric cars reach approximately 130,000 units in 2024, comprising about 16% of the total market—a remarkable surge of almost 70% from the preceding year, 2023.
Looking ahead to 2025, Great Wall Motor plans to expand its electric vehicle lineup in Thailand by introducing 15 new models of electric vehicles or xEVs. In 2024, the company aims to launch at least three additional models of new energy vehicles in Thailand, with a specific focus on marketing 100% electric SUVs.
Mr. Narong reiterated the company’s commitment to delivering high-quality cars with advanced technology and value for Thai customers. He emphasized GWM’s role in positioning Thailand as a regional and global hub for electric car production and distribution.
