Latest news with #WeiJianjun
Auto Car
8 hours ago
- Automotive
- Auto Car
The company that gave us the Ora Funky Cat is about to take on Ferrari with a PHEV supercar. Yes, seriously...
Great Wall Motors, the Chinese manufacturer of the Ora 03 and Haval Jolion Pro, is poised to take on the Ferrari 296 and McLaren Artura with a new flagship supercar. The surprising news was revealed by company chairman Wei Jianjun, who posted a photo on China's Weibo social media platform to mark the 35th anniversary of Great Wall Motors (GWM), showing the company bosses gathered around the cloaked silhouette of what is obviously a sleek, mid-engined supercar. Earlier this year, Great Wall's chief technology officer Wu Huixiao confirmed to Chinese media that the firm had been working on a supercar for five years, revealing that it has a carbon tub and promising that it "will be better" than European rivals, after chairman Jianjun was seen driving a Ferrari SF90. Hebei-based GWM is one of China's oldest and largest vehicle manufacturers, having delivered 1.23 million vehicles globally last year. Along with the Ora and Haval marques it sells here, it owns pick-up manufacturer Poer (due in the UK soon), premium crossover brand Wey and Tank - an off-road SUV maker. The supercar is expected to be the first model from a newly established range-topping brand called Confidence Auto, which will be positioned far above GWM's existing brands as a rival to compatriot BYD's Yangwang marque - itself set for an imminent European roll-out. More specifically, GWM's supercar will be a close rival to the Yangwang U9, a 1250bhp, 240mph super-EV that can jump on the spot and has gone around the Nürburgring in 7mins 18secs - making it one of the fastest production EVs at the German track. GWM has yet to offer any indication of how its new flagship stacks up against the U9, but it could be among the first models to use the company's new self-developed 4.0-litre V8, which it revealed at the Shanghai motor show earlier this year. Aside from confirming that it uses a pair of turbochargers, GWM has yet to reveal any specifications of its new V8, but reports suggest it could put out as much as 600bhp and 590lb ft on its own. The supercar's combustion motor, though – whether the V8 or perhaps GWM's older V6 – will be part of a performance-focused plug-in hybrid powertrain – similar to the McLaren Artura, Ferrari 296 and Lamborghini Temerario – so its total outputs will be far greater. GWM has yet to confirm a reveal date, but the Guangzhou motor show – one of the biggest events in the Chinese automotive calendar – takes place at the end of November.
The Advertiser
a day ago
- Automotive
- The Advertiser
The end of cheap Chinese cars? Government vows to end price wars
The Chinese government has said it will take action to stem the oversupply of new vehicles in China, which it says has led to domestic price wars and "irrational competition" that is destroying the industry's profitability. The move to focus on a sustainable auto industry could put an end to cut-price Chinese cars and provide consumers with better vehicles – but at higher prices. In a state council report published last week, Chinese authorities admitted the country had an oversupply of new vehicles from its factories – something it previously denied. The claim is backed up by data which reveals a 49.1 per cent utilisation rate of the country's car-producing capability in 2024 – which still saw 31.8 million new vehicles roll out of automaking facilities in the world's largest car market last year. CarExpert can save you thousands on a new car. Click here to get a great deal. The figures put China's current car-making capacity at around 55.5 million annually – more than two-thirds of the 74.6 million vehicles sold in the entire world last year. Chinese state media published the report in which the government vowed to rein in the climate of "irrational competition" due to over-production and says it will address what it sees as a imbalance between supply and demand. The Chinese government says it will more closely monitor prices, costs and product quality across the domestic automotive supply chain – where automakers are more fixated on maintaining market share than profits, according to CNBC. Consumers have been paying less for new cars in China, where an ultra-competitive battle across the industry has driven prices down for the past three years. More cars have been sold in China each year than anywhere else in the world since 2009, when it overtook the US, with sales tripling since then. Domestic new-vehicle sales in China amounted to 33.1 million in 2024, but more than 22 million were exported to markets including Australia, which accounted for only 54,344 cars or less than 0.2 per cent of vehicles shipped overseas. The export figure may also include controversial 'zero mileage' vehicles, as part of a process which came into the spotlight after it was criticised by GWM chairman Wei Jianjun in May 2025. 'Zero-mileage cars' come from Chinese automakers who have allegedly recorded vehicles as being sold domestically – to meet local quotas – before shipping them overseas where they are sold as used cars. This is a way to inflate Chinese domestic sales figures and which has also led to reduced sticker prices (and falling profit margins), prompting GWM's public calling out of the practice which is set to be banned. Despite being consolidated from hundreds of brands previously, of the dozens of automakers in China less than a handful are currently profitable – led by BYD, Geely (which controls Volvo, Polestar, Lotus and others) and SAIC (MG, LDV and IM Motors). While it has overtaken Tesla for EV sales globally, BYD – which produces both hybrids and EVs – has cut its prices by more than one-third in China this year. When they're not accompanied by higher sales, lower prices and therefore profits can result in a reduced focus on quality, innovation, investment and, for governments, reduced tax revenue and impacts on the broader economy. The Chinese government is looking to correct the balance, given the unsustainable climate that currently exists – which is also hampered by tariffs from both the European Union (EU) and the US. While exports are a way to address overcapacity, tariffs may force Chinese automakers to expand supply chains globally, as BYD did by opening a plant in Thailand in 2024. It has also announced plans to make cars in Mexico and Brazil, while the first BYD is scheduled to roll off its new European assembly line in Hungary later this tear. More: Donald Trump to hit vehicles built outside the US with landmark tariff More: Tesla loses billion-dollar revenue source as US ditches fuel economy fines Content originally sourced from: The Chinese government has said it will take action to stem the oversupply of new vehicles in China, which it says has led to domestic price wars and "irrational competition" that is destroying the industry's profitability. The move to focus on a sustainable auto industry could put an end to cut-price Chinese cars and provide consumers with better vehicles – but at higher prices. In a state council report published last week, Chinese authorities admitted the country had an oversupply of new vehicles from its factories – something it previously denied. The claim is backed up by data which reveals a 49.1 per cent utilisation rate of the country's car-producing capability in 2024 – which still saw 31.8 million new vehicles roll out of automaking facilities in the world's largest car market last year. CarExpert can save you thousands on a new car. Click here to get a great deal. The figures put China's current car-making capacity at around 55.5 million annually – more than two-thirds of the 74.6 million vehicles sold in the entire world last year. Chinese state media published the report in which the government vowed to rein in the climate of "irrational competition" due to over-production and says it will address what it sees as a imbalance between supply and demand. The Chinese government says it will more closely monitor prices, costs and product quality across the domestic automotive supply chain – where automakers are more fixated on maintaining market share than profits, according to CNBC. Consumers have been paying less for new cars in China, where an ultra-competitive battle across the industry has driven prices down for the past three years. More cars have been sold in China each year than anywhere else in the world since 2009, when it overtook the US, with sales tripling since then. Domestic new-vehicle sales in China amounted to 33.1 million in 2024, but more than 22 million were exported to markets including Australia, which accounted for only 54,344 cars or less than 0.2 per cent of vehicles shipped overseas. The export figure may also include controversial 'zero mileage' vehicles, as part of a process which came into the spotlight after it was criticised by GWM chairman Wei Jianjun in May 2025. 'Zero-mileage cars' come from Chinese automakers who have allegedly recorded vehicles as being sold domestically – to meet local quotas – before shipping them overseas where they are sold as used cars. This is a way to inflate Chinese domestic sales figures and which has also led to reduced sticker prices (and falling profit margins), prompting GWM's public calling out of the practice which is set to be banned. Despite being consolidated from hundreds of brands previously, of the dozens of automakers in China less than a handful are currently profitable – led by BYD, Geely (which controls Volvo, Polestar, Lotus and others) and SAIC (MG, LDV and IM Motors). While it has overtaken Tesla for EV sales globally, BYD – which produces both hybrids and EVs – has cut its prices by more than one-third in China this year. When they're not accompanied by higher sales, lower prices and therefore profits can result in a reduced focus on quality, innovation, investment and, for governments, reduced tax revenue and impacts on the broader economy. The Chinese government is looking to correct the balance, given the unsustainable climate that currently exists – which is also hampered by tariffs from both the European Union (EU) and the US. While exports are a way to address overcapacity, tariffs may force Chinese automakers to expand supply chains globally, as BYD did by opening a plant in Thailand in 2024. It has also announced plans to make cars in Mexico and Brazil, while the first BYD is scheduled to roll off its new European assembly line in Hungary later this tear. More: Donald Trump to hit vehicles built outside the US with landmark tariff More: Tesla loses billion-dollar revenue source as US ditches fuel economy fines Content originally sourced from: The Chinese government has said it will take action to stem the oversupply of new vehicles in China, which it says has led to domestic price wars and "irrational competition" that is destroying the industry's profitability. The move to focus on a sustainable auto industry could put an end to cut-price Chinese cars and provide consumers with better vehicles – but at higher prices. In a state council report published last week, Chinese authorities admitted the country had an oversupply of new vehicles from its factories – something it previously denied. The claim is backed up by data which reveals a 49.1 per cent utilisation rate of the country's car-producing capability in 2024 – which still saw 31.8 million new vehicles roll out of automaking facilities in the world's largest car market last year. CarExpert can save you thousands on a new car. Click here to get a great deal. The figures put China's current car-making capacity at around 55.5 million annually – more than two-thirds of the 74.6 million vehicles sold in the entire world last year. Chinese state media published the report in which the government vowed to rein in the climate of "irrational competition" due to over-production and says it will address what it sees as a imbalance between supply and demand. The Chinese government says it will more closely monitor prices, costs and product quality across the domestic automotive supply chain – where automakers are more fixated on maintaining market share than profits, according to CNBC. Consumers have been paying less for new cars in China, where an ultra-competitive battle across the industry has driven prices down for the past three years. More cars have been sold in China each year than anywhere else in the world since 2009, when it overtook the US, with sales tripling since then. Domestic new-vehicle sales in China amounted to 33.1 million in 2024, but more than 22 million were exported to markets including Australia, which accounted for only 54,344 cars or less than 0.2 per cent of vehicles shipped overseas. The export figure may also include controversial 'zero mileage' vehicles, as part of a process which came into the spotlight after it was criticised by GWM chairman Wei Jianjun in May 2025. 'Zero-mileage cars' come from Chinese automakers who have allegedly recorded vehicles as being sold domestically – to meet local quotas – before shipping them overseas where they are sold as used cars. This is a way to inflate Chinese domestic sales figures and which has also led to reduced sticker prices (and falling profit margins), prompting GWM's public calling out of the practice which is set to be banned. Despite being consolidated from hundreds of brands previously, of the dozens of automakers in China less than a handful are currently profitable – led by BYD, Geely (which controls Volvo, Polestar, Lotus and others) and SAIC (MG, LDV and IM Motors). While it has overtaken Tesla for EV sales globally, BYD – which produces both hybrids and EVs – has cut its prices by more than one-third in China this year. When they're not accompanied by higher sales, lower prices and therefore profits can result in a reduced focus on quality, innovation, investment and, for governments, reduced tax revenue and impacts on the broader economy. The Chinese government is looking to correct the balance, given the unsustainable climate that currently exists – which is also hampered by tariffs from both the European Union (EU) and the US. While exports are a way to address overcapacity, tariffs may force Chinese automakers to expand supply chains globally, as BYD did by opening a plant in Thailand in 2024. It has also announced plans to make cars in Mexico and Brazil, while the first BYD is scheduled to roll off its new European assembly line in Hungary later this tear. More: Donald Trump to hit vehicles built outside the US with landmark tariff More: Tesla loses billion-dollar revenue source as US ditches fuel economy fines Content originally sourced from: The Chinese government has said it will take action to stem the oversupply of new vehicles in China, which it says has led to domestic price wars and "irrational competition" that is destroying the industry's profitability. The move to focus on a sustainable auto industry could put an end to cut-price Chinese cars and provide consumers with better vehicles – but at higher prices. In a state council report published last week, Chinese authorities admitted the country had an oversupply of new vehicles from its factories – something it previously denied. The claim is backed up by data which reveals a 49.1 per cent utilisation rate of the country's car-producing capability in 2024 – which still saw 31.8 million new vehicles roll out of automaking facilities in the world's largest car market last year. CarExpert can save you thousands on a new car. Click here to get a great deal. The figures put China's current car-making capacity at around 55.5 million annually – more than two-thirds of the 74.6 million vehicles sold in the entire world last year. Chinese state media published the report in which the government vowed to rein in the climate of "irrational competition" due to over-production and says it will address what it sees as a imbalance between supply and demand. The Chinese government says it will more closely monitor prices, costs and product quality across the domestic automotive supply chain – where automakers are more fixated on maintaining market share than profits, according to CNBC. Consumers have been paying less for new cars in China, where an ultra-competitive battle across the industry has driven prices down for the past three years. More cars have been sold in China each year than anywhere else in the world since 2009, when it overtook the US, with sales tripling since then. Domestic new-vehicle sales in China amounted to 33.1 million in 2024, but more than 22 million were exported to markets including Australia, which accounted for only 54,344 cars or less than 0.2 per cent of vehicles shipped overseas. The export figure may also include controversial 'zero mileage' vehicles, as part of a process which came into the spotlight after it was criticised by GWM chairman Wei Jianjun in May 2025. 'Zero-mileage cars' come from Chinese automakers who have allegedly recorded vehicles as being sold domestically – to meet local quotas – before shipping them overseas where they are sold as used cars. This is a way to inflate Chinese domestic sales figures and which has also led to reduced sticker prices (and falling profit margins), prompting GWM's public calling out of the practice which is set to be banned. Despite being consolidated from hundreds of brands previously, of the dozens of automakers in China less than a handful are currently profitable – led by BYD, Geely (which controls Volvo, Polestar, Lotus and others) and SAIC (MG, LDV and IM Motors). While it has overtaken Tesla for EV sales globally, BYD – which produces both hybrids and EVs – has cut its prices by more than one-third in China this year. When they're not accompanied by higher sales, lower prices and therefore profits can result in a reduced focus on quality, innovation, investment and, for governments, reduced tax revenue and impacts on the broader economy. The Chinese government is looking to correct the balance, given the unsustainable climate that currently exists – which is also hampered by tariffs from both the European Union (EU) and the US. While exports are a way to address overcapacity, tariffs may force Chinese automakers to expand supply chains globally, as BYD did by opening a plant in Thailand in 2024. It has also announced plans to make cars in Mexico and Brazil, while the first BYD is scheduled to roll off its new European assembly line in Hungary later this tear. More: Donald Trump to hit vehicles built outside the US with landmark tariff More: Tesla loses billion-dollar revenue source as US ditches fuel economy fines Content originally sourced from:
Perth Now
a day ago
- Automotive
- Perth Now
The end of cheap Chinese cars? Government vows to end price wars
The Chinese government has said it will take action to stem the oversupply of new vehicles in China, which it says has led to domestic price wars and 'irrational competition' that is destroying the industry's profitability. The move to focus on a sustainable auto industry could put an end to cut-price Chinese cars and provide consumers with better vehicles – but at higher prices. In a state council report published last week, Chinese authorities admitted the country had an oversupply of new vehicles from its factories – something it previously denied. The claim is backed up by data which reveals a 49.1 per cent utilisation rate of the country's car-producing capability in 2024 – which still saw 31.8 million new vehicles roll out of automaking facilities in the world's largest car market last year. CarExpert can save you thousands on a new car. Click here to get a great deal. Supplied Credit: CarExpert The figures put China's current car-making capacity at around 55.5 million annually – more than two-thirds of the 74.6 million vehicles sold in the entire world last year. Chinese state media published the report in which the government vowed to rein in the climate of 'irrational competition' due to over-production and says it will address what it sees as a imbalance between supply and demand. The Chinese government says it will more closely monitor prices, costs and product quality across the domestic automotive supply chain – where automakers are more fixated on maintaining market share than profits, according to CNBC. Consumers have been paying less for new cars in China, where an ultra-competitive battle across the industry has driven prices down for the past three years. Supplied Credit: CarExpert More cars have been sold in China each year than anywhere else in the world since 2009, when it overtook the US, with sales tripling since then. Domestic new-vehicle sales in China amounted to 33.1 million in 2024, but more than 22 million were exported to markets including Australia, which accounted for only 54,344 cars or less than 0.2 per cent of vehicles shipped overseas. The export figure may also include controversial 'zero mileage' vehicles, as part of a process which came into the spotlight after it was criticised by GWM chairman Wei Jianjun in May 2025. 'Zero-mileage cars' come from Chinese automakers who have allegedly recorded vehicles as being sold domestically – to meet local quotas – before shipping them overseas where they are sold as used cars. Supplied Credit: CarExpert This is a way to inflate Chinese domestic sales figures and which has also led to reduced sticker prices (and falling profit margins), prompting GWM's public calling out of the practice which is set to be banned. Despite being consolidated from hundreds of brands previously, of the dozens of automakers in China less than a handful are currently profitable – led by BYD, Geely (which controls Volvo, Polestar, Lotus and others) and SAIC (MG, LDV and IM Motors). While it has overtaken Tesla for EV sales globally, BYD – which produces both hybrids and EVs – has cut its prices by more than one-third in China this year. When they're not accompanied by higher sales, lower prices and therefore profits can result in a reduced focus on quality, innovation, investment and, for governments, reduced tax revenue and impacts on the broader economy. Supplied Credit: CarExpert The Chinese government is looking to correct the balance, given the unsustainable climate that currently exists – which is also hampered by tariffs from both the European Union (EU) and the US. While exports are a way to address overcapacity, tariffs may force Chinese automakers to expand supply chains globally, as BYD did by opening a plant in Thailand in 2024. It has also announced plans to make cars in Mexico and Brazil, while the first BYD is scheduled to roll off its new European assembly line in Hungary later this tear. More: Donald Trump to hit vehicles built outside the US with landmark tariff More: Tesla loses billion-dollar revenue source as US ditches fuel economy fines
7NEWS
a day ago
- Automotive
- 7NEWS
The end of cheap Chinese cars? Government vows to end price wars
The Chinese government has said it will take action to stem the oversupply of new vehicles in China, which it says has led to domestic price wars and 'irrational competition' that is destroying the industry's profitability. The move to focus on a sustainable auto industry could put an end to cut-price Chinese cars and provide consumers with better vehicles – but at higher prices. In a state council report published last week, Chinese authorities admitted the country had an oversupply of new vehicles from its factories – something it previously denied. The claim is backed up by data which reveals a 49.1 per cent utilisation rate of the country's car-producing capability in 2024 – which still saw 31.8 million new vehicles roll out of automaking facilities in the world's largest car market last year. CarExpert can save you thousands on a new car. Click here to get a great deal. The figures put China's current car-making capacity at around 55.5 million annually – more than two-thirds of the 74.6 million vehicles sold in the entire world last year. Chinese state media published the report in which the government vowed to rein in the climate of 'irrational competition' due to over-production and says it will address what it sees as a imbalance between supply and demand. The Chinese government says it will more closely monitor prices, costs and product quality across the domestic automotive supply chain – where automakers are more fixated on maintaining market share than profits, according to CNBC. Consumers have been paying less for new cars in China, where an ultra-competitive battle across the industry has driven prices down for the past three years. More cars have been sold in China each year than anywhere else in the world since 2009, when it overtook the US, with sales tripling since then. Domestic new-vehicle sales in China amounted to 33.1 million in 2024, but more than 22 million were exported to markets including Australia, which accounted for only 54,344 cars or less than 0.2 per cent of vehicles shipped overseas. The export figure may also include controversial 'zero mileage' vehicles, as part of a process which came into the spotlight after it was criticised by GWM chairman Wei Jianjun in May 2025. 'Zero-mileage cars' come from Chinese automakers who have allegedly recorded vehicles as being sold domestically – to meet local quotas – before shipping them overseas where they are sold as used cars. This is a way to inflate Chinese domestic sales figures and which has also led to reduced sticker prices (and falling profit margins), prompting GWM's public calling out of the practice which is set to be banned. Despite being consolidated from hundreds of brands previously, of the dozens of automakers in China less than a handful are currently profitable – led by BYD, Geely (which controls Volvo, Polestar, Lotus and others) and SAIC (MG, LDV and IM Motors). While it has overtaken Tesla for EV sales globally, BYD – which produces both hybrids and EVs – has cut its prices by more than one-third in China this year. When they're not accompanied by higher sales, lower prices and therefore profits can result in a reduced focus on quality, innovation, investment and, for governments, reduced tax revenue and impacts on the broader economy. The Chinese government is looking to correct the balance, given the unsustainable climate that currently exists – which is also hampered by tariffs from both the European Union (EU) and the US. While exports are a way to address overcapacity, tariffs may force Chinese automakers to expand supply chains globally, as BYD did by opening a plant in Thailand in 2024. It has also announced plans to make cars in Mexico and Brazil, while the first BYD is scheduled to roll off its new European assembly line in Hungary later this tear.
Time of India
3 days ago
- Automotive
- Time of India
China plans crackdown on zero-mileage used car sales
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Shanghai: China's industry ministry is planning to ban the resale of cars within six months of their initial registration as part of efforts to combat sales of so-called zero-mileage used cars , an industry association publication reported on used cars have emerged in China as a result of the uniquely cut-throat competition for sales in the world's largest auto market, which is reeling from a brutal, years-long price war caused by chronic practice involves insuring a new vehicle before it is sold, allowing automakers and their dealers to meet sales targets. But it can create hassles for Review, a publication run by the China Association of Automobile Manufacturers, reported the plan in an editorial published on its WeChat account. It said that the China Automobile Dealers Association , another industry group, had separately proposed a code system for exports of used editorial added that Chery and BYD were among companies planning to hold dealers accountable for violations, including licensing cars before they are measures, if enforced, would mark the first policy action taken by the Chinese government to stop the practice, which became a nationwide issue after Great Wall Motor CEO Wei Jianjun called it out in May.
