Sales slowed again in September at the once-high-flying SUV leader, Great Wall Motor, as consumers turned their eyes to electric sedans.
Great Wall Auto sales totaled 93,642 units, down 6.4% from the same month last year. Sales of the flagship Havel SUV fell 1.1% to 53,900.
In the first nine months of 2022, Great Wall sales fell 9.2% to 802,313 vehicles. The worst of that decline occurred in the rough second quarter when China’s Covid-19 lockdowns were the toughest so far this year.
Hong Kong-traded Great Wall shares have lost nearly 75% of their value in the past year. New Covid-19 lockdowns in Shanghai this month have cast a shadow over the country’s economic outlook in the fourth quarter.
Chairman Wei Jianjun still makes $12.5 billion on the Forbes Real-Time Billionaires list today.
Electric vehicle makers BYD, NIO, XPeng and Li Auto all reported sales increases in September from the previous year.
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