GWM October Sales Drop 15.87% Despite NEV Records

GWM (HKEX: 2333) reported October sales of 120,374 vehicles, representing a 15.87% year-on-year decline despite achieving record monthly sales in both new energy vehicles (NEVs) and overseas markets. The Chinese automaker's October volume increased 4.72% compared with September, according to figures released on Sunday. However, the annual decline widened from September's 13.99%, marking the company's third consecutive month of declining year-on-year sales and its steepest monthly drop since January 2025. The performance highlights the contrast between growing international business and persistent weakness in the domestic market.

GWM sold 1,040,676 vehicles during the first 10 months of the year, down 2.42% year-on-year. This represented a deterioration from the 0.33% decline recorded during the first nine months. Domestic operations remained the primary source of pressure, with sales in China reaching 57,512 vehicles in October, down 33.06% from the corresponding month last year, although up 4.71% from September. The company has now recorded 12 consecutive months of declining domestic sales on an annual basis. Its cumulative domestic volume reached 501,837 vehicles in the first 10 months, representing a 25.66% year-on-year decline.

Overseas markets continued to support overall performance, with GWM selling 62,862 vehicles internationally in October. This surpassed the previous monthly record of 62,517 vehicles set in August and accounted for 52.22% of the company's total October sales. However, the pace of overseas growth moderated, with year-on-year expansion slowing to 9.98% from 19.40% in September, marking the first time this year that the growth rate had fallen into single digits. Overseas sales nevertheless increased 4.74% month-on-month. Cumulative overseas deliveries reached 538,839 vehicles in the first 10 months, up 37.69% year-on-year and exceeding the 506,066 vehicles sold throughout 2025.

GWM also achieved a new monthly record in NEV sales, delivering 49,499 vehicles in October. The figure increased 7.25% year-on-year and 17.91% month-on-month, surpassing the previous record established in October 2025. NEVs represented 41.12% of total October deliveries, taking their share above 40% for the first time. Despite the monthly record, cumulative NEV sales remained below the previous year's level, reaching 311,466 vehicles during the first 10 months, down 4.05% year-on-year. The figures therefore indicate improving monthly NEV momentum alongside a remaining year-to-date sales deficit.

Performance across GWM's individual brands remained uneven. Haval, the company's core brand, sold 71,027 vehicles in October, down 19.50% year-on-year but up 6.71% from September. Its cumulative sales reached 586,107 vehicles in the first 10 months, a decline of 4.96%. Tank, GWM's off-road brand, delivered 15,389 vehicles, down 31.01% year-on-year and recording its seventh consecutive monthly decline. Its year-to-date volume totalled 158,185 vehicles, representing a 15.61% decrease. These results reflected continued annual pressure across two of the company's established brand businesses.

Premium brand Wey sold 8,648 vehicles in October, representing a 31.90% year-on-year decline despite a 23.97% increase compared with September. Its cumulative deliveries reached 75,230 vehicles during the first 10 months, down 1.39%, pushing its year-to-date performance into negative territory for the first time this year. In contrast, Ora was the only one of the five listed brands or business segments to record year-on-year growth. It delivered 12,187 vehicles, increasing 115.78% from October last year and 8.79% from September. This was Ora's highest monthly sales volume since March 2022 and its seventh consecutive month of annual growth. Its cumulative sales reached 71,616 vehicles, up 102.68%.

GWM's pickup business recorded October sales of 13,050 vehicles, down 7.37% year-on-year and 13.12% month-on-month. Deliveries during the first 10 months totalled 148,876 vehicles, representing a 0.95% annual decline. Alongside its sales performance, the company is continuing to develop its international manufacturing operations. On October 28, GWM announced plans to establish a production base in Lovech, Bulgaria, in partnership with Bulgarian Automotive Industry (BAI). The proposed facility is expected to have an annual production capacity of 50,000 vehicles, with the Ora 5 designated as its first model. The first vehicle is expected to roll off the production line in the first quarter of 2027.

The planned Bulgarian facility forms part of GWM's broader European expansion strategy. The automaker also intends to introduce at least 10 new models and variants across Europe over the next two years. While the production base remains a planned development rather than an operational facility, its proposed capacity and initial model selection establish the intended manufacturing scope. Together with the company's record overseas deliveries in October, these plans highlight the growing importance of international markets to GWM's sales and manufacturing strategy.

Industry Impact & Outlook

GWM's October performance highlights the growing divergence between its domestic and international businesses. Domestic sales continued to contract, while overseas deliveries established a new monthly record and accounted for more than half of total volume. Record NEV deliveries also demonstrate improving monthly electrified-vehicle performance, although cumulative NEV sales remained below the previous year's level. The planned Lovech production facility and introduction of at least 10 new European models and variants indicate a broader commitment to international expansion. The company's ability to address domestic weakness while advancing overseas sales and manufacturing initiatives remains central to its future business performance.

Frequently Asked Questions

1. How many vehicles did GWM sell in October 2026?
GWM sold 120,374 vehicles in October 2026, representing a 15.87% decline compared with October of the previous year. Monthly sales nevertheless increased 4.72% from September. Despite the year-on-year contraction, the company achieved new monthly records in both NEV and overseas sales. October also marked its third consecutive month of declining annual sales, with the decline widening from September's 13.99%. The reported figures demonstrate contrasting performance between GWM's domestic operations and its international business.

2. How many overseas vehicles did GWM sell in October?
GWM sold 62,862 vehicles in overseas markets during October, setting a new monthly record. The volume surpassed its previous record of 62,517 vehicles, established in August, and accounted for 52.22% of total monthly sales. Overseas deliveries increased 9.98% year-on-year and 4.74% month-on-month. During the first 10 months, cumulative overseas sales reached 538,839 vehicles, up 37.69% year-on-year. This cumulative volume also exceeded the 506,066 vehicles sold throughout 2025.

3. What were GWM's NEV sales in October 2026?
GWM delivered 49,499 new energy vehicles in October 2026, achieving its highest monthly NEV sales volume on record. Deliveries increased 7.25% year-on-year and 17.91% compared with September. NEVs accounted for 41.12% of the company's total October sales, exceeding the 40% threshold for the first time. However, cumulative NEV sales during the first 10 months reached 311,466 vehicles, remaining 4.05% below the corresponding period of the previous year.

4. Which GWM brand recorded the strongest sales growth in October?
Ora recorded the strongest year-on-year growth among GWM's five listed brands and business segments in October. Its sales reached 12,187 vehicles, increasing 115.78% compared with the same month last year and 8.79% from September. October marked Ora's highest monthly sales volume since March 2022 and its seventh consecutive month of year-on-year growth. During the first 10 months, Ora delivered 71,616 vehicles, representing a 102.68% increase from the corresponding period of the previous year.

5. What are GWM's plans for its Bulgarian production facility?
GWM plans to establish a vehicle production facility in Lovech, Bulgaria, in partnership with Bulgarian Automotive Industry (BAI). Announced on October 28, the proposed facility is designed to have an annual production capacity of 50,000 vehicles. The Ora 5 is expected to become the first model manufactured at the site, with the first vehicle scheduled to roll off the production line in the first quarter of 2027. The project forms part of GWM's broader European expansion plans, which also include introducing at least 10 new models and variants over the next two years.