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Great Wall executives make major adjustments!

2024-06-17 Update From: AutoBeta autobeta NAV: AutoBeta > News >

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AutoBeta(AutoBeta.net)11/03 Report--

On November 3rd, Li Ruifeng, CGO of Great Wall Motor Co., Ltd., released the new personnel change information on the domestic social platform. Liu Yanzhao will be the general manager of Wei brand and tank brand, responsible for the overall management of Wei brand and tank brand; Zhao Yongpo will be the general manager of Harvard brand, responsible for the overall management of Harvard brand; and Gu Yukun, former commodity director of tank 500, will serve as deputy general manager of tank brand implementation.

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After entering 2023, the personnel changes of various brands of Great Wall Motor are very frequent. On January 30, Wang Fengying, former general manager of Great Wall, joined Xiaopeng as president of Xiaopeng; on May 8, Guo Tiefu, general manager of public relations of Great Wall, left and joined Great Wall for only three months before joining Geely's Radar Motor as chief operating officer. On May 24, Wen Fei, general manager of the Euler / Salon brand, left due to medical reasons. Wen Fei was the second marketing general to leave Great Wall after Wang Fengying left. Wei Brand and Tank CEO Chen Siying, who has been on the job for only eight months, posted a personal farewell message to Great Wall Motor on Weibo.

The reason behind the frequent personnel transfers of Great Wall Motor is also the result of the successive failures of its main brands in the past year. In the first half of 2023, Great Wall sold 519200 vehicles, up only 0.14%, while its Wei Brand and Euler both fell sharply. Due to the successive failures of the main brands, Great Wall Motor finally came to a bleak end. In the first half of 2023, the net profit of Great Wall Motor was 1.361 billion yuan, down 75.69% from the same period last year, while the non-net profit was 749 million yuan, down 63.60% from the same period last year.

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Industry insiders believe that Great Wall Automobile's series of adjustment measures are the last resort after the Great Wall is under pressure. In the face of this fact, Great Wall made the decision to integrate the brand in December 2022, the two major brands of Euler and Sharon are fully integrated, and the two major brands of Wei Brand and Tank are also fully integrated. According to Great Wall Automobile, after the completion of the integration of the two brands, they will operate independently.

In the face of the increasingly severe situation, Great Wall Automobile is making positive efforts. Since the beginning of this year, Great Wall Motor has launched a series of new energy products such as Harvard fierce Dragon / fierce Dragon Max, Wei Brand Blue Mountain / Gaoshan, Tank 400 Hi4-T/500 Hi4-T and other new energy products to accelerate the transformation of new energy. Industry insiders believe that to make up for the shortcomings of new energy is a required course for Great Wall Motor. In the current market environment where terminal sales are slowing down and the "price war" is becoming increasingly fierce, it is like sailing against the current.

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After a series of adjustments, Great Wall seems to have survived again! In the third quarter of this year, Great Wall Motor's net profit was 3.634 billion yuan, up 41.94 percent from the same period last year, deducting 3.058 billion yuan from non-parent net profit, up 34.04 percent from the same period last year, Great Wall Motor released its latest financial results on October 27th. In terms of sales, Great Wall Motor sold 344800 new cars, up 21.5% from the same period last year and 15.2% from the previous month.

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Li Ruifeng, CGO of Great Wall Motor, said that the transformation of new energy must spare no effort, or even trial and error. Such a systematic establishment is not based on short-term sales performance as an evaluation index and input cost, but must have strategic input before it can be followed by long-term aggression.

However, there is a good chance that Great Wall's goal will not be achieved. As of Sept. 30, Great Wall had sold a total of 864000 new cars, accounting for only 54% of its target of 1.6 million. There is little hope of meeting the full-year target. Although Great Wall has launched a number of new cars, such as Harvard Owl Dragon, Wei Blue Mountain / Gaoshan and Tank 400Hi4-T, the fierce competition in the car market makes the performance of these new energy models mediocre.

Mu Feng said bluntly that the current transformation of new energy is divided into two battlefields: electric and intelligent, and Great Wall is trying to find a relatively stable and healthy path for development. In the future, there will be a pattern of coexistence of first-tier new energy brands, second-tier new energy brands and traditional brands in China's passenger car market. When the knockout stage is carried out to a certain extent, as long as you can still sit on the "card table" and become one of the players, you will be able to keep going.

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