GWM September sales fall 14% as domestic slump deepens, steepest drop this year

• GWM sold 114,944 vehicles in September, down 13.99% year-on-year, bringing sales for the first 9 months into decline at 0.33%.
• Domestic sales fell about 34% year-on-year, marking an eleventh consecutive month of contraction.

GWM (HKEX: 2333) sold 114,944 vehicles in September, down 13.99% year-on-year, despite a 1.37% increase from August.

The Chinese automaker posted its steepest sales decline this year as gains overseas failed to offset a deepening slump at home.

The year-on-year decline was also its largest since January 2025, partly reflecting a high comparison base. GWM sold 133,639 vehicles in September 2025, up 23.29% year-on-year.

GWM sold 920,302 vehicles in the first 9 months of this year, down 0.33% year-on-year. Its cumulative sales were still up 1.98% at the end of August.

Overseas sales remained a key source of support, though growth slowed. GWM sold 60,019 vehicles overseas in September, up 19.40% year-on-year, its slowest growth this year.

Overseas sales fell 4.00% from August's record 62,517 vehicles and accounted for 52.22% of September's total. Sales overseas reached 475,977 vehicles in the first 9 months, up 42.43% year-on-year.

The figures imply domestic sales of 54,925 vehicles in September, down about 34% year-on-year, marking an eleventh consecutive monthly decline. Domestic sales rose about 8% from August, however.

GWM sold 41,982 new energy vehicles (NEVs) in September, down 8.66% year-on-year but up 3.15% from August.

NEVs accounted for a record 36.52% of total sales. However, NEV sales for the first 9 months fell 5.92% year-on-year to 261,967 vehicles.

Its core brand Haval sold 66,558 vehicles in September, down 18.76% year-on-year. Sales for the first 9 months totaled 515,080 vehicles, shifting from growth to a 2.54% decline.

Off-road brand Tank struggled, with September sales falling 29.21% year-on-year and 14.43% from August to 15,178 vehicles. Sales for the first 9 months fell 13.53% year-on-year to 142,796 vehicles.

Premium brand Wey sold 6,976 vehicles in September, down 36.73% year-on-year, marking its fourth consecutive monthly decline. Sales for the first 9 months were still up 4.70% at 66,582 vehicles.

Ora remained the biggest bright spot. The brand sold 11,202 vehicles in September, up 79.09% year-on-year, marking its sixth consecutive month of growth.

Ora's sales doubled year-on-year to 59,429 vehicles in the first 9 months, already exceeding last year's full-year total of 48,289. However, its September growth slowed from August's 110.95%, falling below 100% for the first time since April.

GWM's pickup truck sales rose 16.43% year-on-year and 22.23% from August to 15,020 vehicles in September.