Everyone wants in on electrification, it seems, with no shortage of automakers stating their intent to gain a slice of the new pie. This year, a number of Chinese car brands have announced plans to introduce new electric brands in a bid to tap into the emerging market, with companies such as SAIC Motor, Changan Automobile and GAC among those looking to do so.
Now, another name joins the list. According to Reuters, Great Wall Motor is reportedly planning to introduce a new standalone brand for electric and smart vehicles as it pursues growth with a new segment.
Sources familiar with the matter told the news agency that the Baoding-based manufacturer will launch a new standalone brand for electric and smart vehicles. The new brand, the name of which sources declined to reveal but is internally known as the “SL project,” will introduce products that will be at a higher price point than current offerings.
The sources revealed that models in the new brand will be sport utility vehicles (SUVs) and sedans featuring all-electric and range-extender powertrains. The report adds that when queried about the plan, a Great Wall spokesman replied that “the big tide has come, we will join the game,” but did not elaborate further.
The new venture isn’t the first attempt into electrification for Great Wall, as it currently has the affordable electric Ora brand and is also building an EV factory with BMW in China. It will also be the company’s second attempt to crack the premium segment – in 2016, it introduced the WEY brand in a bid to upscale things, but the brand has struggled to generate sales growth.
The automaker has been adding new models – including a P-series pick-up truck and SUVs – to its range in a bid to compete with rival Geely. It has also signaled its intention to grow its presence in Southeast Asia, announcing plans to expand its business in Thailand with local assembly.
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Good Move, Haval.