Great Wall Motor is targeting an annual sales of 4 million vehicles in 2025, Chairman Wei Jianjun said on Monday, as China’s top pickup truck maker sees an increase in the demand for leisure use.
Great Wall’s revenue is expected to reach 600 billion yuan ($92.86 billion) in 2025, Wei said in a briefing on the company’s strategy at its headquarters.
Great Wall, which sold 1.1 million cars last year, aims for 80 percent of its annual sales in 2025 to be new energy vehicles, including battery-electric, plug-in hybrid, and hydrogen fuel cell vehicles.
It targets to sell 2.8 million cars in 2023 with a product lineup of more than 60 models, Meng Xiangjun, a senior executive at Great Wall said.
China, the world’s largest auto market, rolled out supportive policies for hydrogen fuel-cell vehicles last year, which require local governments and companies to build a more mature supply chain and business model for the industry.
Baoding-based Great Wall is building a car plant in China with BMW for electric vehicles. The company plans to be carbon-neutral in 2045, earlier than China’s overall target of 2060.
Great Wall, which competes with Geely and BYD, is also planning to manufacture cars in Russia and Thailand.