GWM, also known as Great Wall Motors, has witnessed a significant surge in its average selling price, marking a growth of over 60 percent in the past four years. Buoyed by its success and increasing acceptance in the Australian market, the brand is now gearing up to introduce more expensive models, riding on the wave of strong market reception toward Chinese-made cars.
In 2023, GWM sold 36,397 vehicles in Australia, representing a remarkable 45.3 percent increase compared to the previous year, firmly establishing itself as a mainstream brand in the country. This surge reflects a broader trend among Chinese manufacturers aiming to gain a larger foothold in the Australian market.
A decade ago, only 4154 Chinese-made cars were sold in Australia. However, in 2023, this figure surged to 193,433 units, showcasing the growing acceptance of Chinese automotive brands among Australian buyers. Amid this growth, the average selling price of GWM vehicles has witnessed a substantial rise, driven by the introduction of new products that emphasize quality, features, and advanced powertrain technology.
According to Steve Maciver, GWM Australia’s head of marketing and communications, the brand has been consistently enhancing the quality and feature set of its products with each new iteration, resulting in an increase in the average selling price from around $25,000 four years ago to over $40,000 today.
This upward trajectory has been fueled by popular models like the Tank 300 and higher-spec variants of existing vehicles, indicating a positive market response to GWM’s offerings. Looking ahead, GWM plans to introduce even more expensive models such as the Tank 500 and potentially the Tank 700, further elevating its average selling price.
Mr. Maciver expressed optimism about the prospect of venturing into the luxury segment, including introducing the upscale Wey brand and selling cars priced above $100,000. While the exact timeline for such a move remains uncertain, GWM’s continued growth and positive market momentum position it favorably for future endeavors. In March 2024, GWM sold 3619 vehicles, marking an 8.4 percent increase compared to the previous year, signaling ongoing growth and market traction.