The company revealed staggering differences in sales figures, with total overseas sales reaching 316,018 units in 2023 but only 6,300 units sold in Europe. Originally targeting one million car sales outside China by 2025, Great Wall now aims for this figure by 2030 due to "challenging market conditions."
According to a report from Manager Magazin, the Munich office's closure was communicated to employees and partner companies recently. Despite the scale back, Great Wall affirmed its continued commitment to existing European markets acknowledging a need for adjustments given the volatile environment.
The company had ambitious expansion plans across multiple European countries including Spain, Italy, and Denmark slated for 2024. These have now been canceled as part of a broader strategic shift. Management of remaining operations will move directly under its Baoding headquarters in China.
On the other hand, GWM will honor the already established partnership agreements in Germany, UK, Ireland, and Sweden.
Source: Manager Magazin
