BEIJING/SHANGHAI (Reuters) – China’s Great Wall Motor plans to launch a new standalone brand for electric and smart vehicles, sources familiar with the plan said, as automakers in world’s biggest car market pursue growth in the new segment.
Inspired by the market success of electric vehicle leader Tesla Inc, as well as Chinese startups Nio Inc, Li Auto and Xpeng Inc, several Chinese automakers this year announced plans for new electric brands, mostly to offer more expensive products than their mass-market lines.
Conventional Chinese automakers such as SAIC Motor, Changan Automobile and GAC are seeking to move their products up the value chain as China’s economic planners push new technologies.
Baoding-based Great Wall will launch a new standalone brand, internally coded as “SL project”, for electric and smart vehicles, which will be priced higher than existing products, two people, who declined to be …
Read More on Datafloq
Credit: Source link