GWM October sales drop 15.87% despite record NEV and overseas volumes

• October sales totaled 120,374 vehicles, marking a third consecutive year-on-year decline and the steepest drop this year.
• Overseas sales reached a record 62,862 vehicles but failed to offset the decline in the domestic market.

GWM's (HKEX: 2333) October sales fell 15.87% year-on-year, the steepest decline this year, despite record new energy vehicle (NEV) and overseas sales.

The Chinese automaker sold 120,374 vehicles in October, up 4.72% from September, according to figures it released on Sunday.

This marked GWM's third consecutive month of declining year-on-year sales. The drop widened from September's 13.99% and was the largest since January 2025.

GWM sold 1,040,676 vehicles in the first 10 months of the year, down 2.42% year-on-year, compared with a 0.33% decline in the first 9 months.

The domestic market remained the main drag. GWM sold 57,512 vehicles in China in October, down 33.06% year-on-year but up 4.71% from September.

Its domestic sales have fallen year-on-year for 12 consecutive months. Sales in China totaled 501,837 vehicles in the first 10 months, down 25.66%.

Overseas business continued to provide support. GWM sold 62,862 vehicles overseas in October, surpassing August's record of 62,517 and accounting for 52.22% of total sales for the month.

However, year-on-year growth in overseas sales slowed to 9.98% from September's 19.40%, dropping to single digits for the first time this year. Overseas sales rose 4.74% month-on-month.

GWM's overseas sales totaled 538,839 vehicles in the first 10 months, up 37.69% year-on-year and already exceeding the 506,066 vehicles sold in all of 2025.

GWM sold 49,499 NEVs in October, up 7.25% year-on-year and 17.91% month-on-month, breaking the previous record set in October 2025.

NEVs accounted for 41.12% of total sales for the month, exceeding 40% for the first time. NEV sales totaled 311,466 vehicles in the first 10 months, still down 4.05% year-on-year.

Performance across brands continued to diverge. Core brand Haval sold 71,027 vehicles in October, down 19.50% year-on-year but up 6.71% month-on-month. Its sales in the first 10 months totaled 586,107 vehicles, down 4.96%.

Off-road brand Tank sold 15,389 vehicles in October, down 31.01% year-on-year, marking a seventh consecutive monthly decline. Its sales in the first 10 months totaled 158,185 vehicles, down 15.61%.

Premium brand Wey sold 8,648 vehicles in October, down 31.90% year-on-year despite a 23.97% increase from September. Its sales in the first 10 months totaled 75,230 vehicles, down 1.39%, turning year-to-date growth negative for the first time this year.

Ora was the only brand or business segment among the 5 listed to post year-on-year growth. It sold 12,187 vehicles in October, up 115.78% from a year earlier and 8.79% from September.

This was Ora's highest monthly sales volume since March 2022 and its seventh consecutive month of year-on-year growth. Its sales in the first 10 months totaled 71,616 vehicles, up 102.68%.

GWM's pickup business sold 13,050 vehicles in October, down 7.37% year-on-year and 13.12% month-on-month. Sales in the first 10 months totaled 148,876 vehicles, down 0.95%.

GWM is continuing to expand its overseas manufacturing footprint. On October 28, the company announced plans to establish a production base in Lovech, Bulgaria, in partnership with Bulgarian Automotive Industry (BAI).

The facility will have a planned annual production capacity of 50,000 vehicles, with the Ora 5 set to be its first model. The first vehicle is expected to roll off the production line in the first quarter of 2027.

GWM also plans to introduce at least 10 new models and variants in Europe over the next 2 years.