BAODING, Hebei – Great Wall Motor Co., Ltd. will officially launch a new high-end brand under the name of “WEY’ on November 16 in accordance with its development strategies, according to a statement issued by the Hong Kong-listed automaker on November 10.
“Further information about the models and launching schedule of the models under the brand ‘WEY’ will be disclosed by way of announcement when such information is finalized,” said the statement, following another statement three days earlier that denied that the company would launch the so-called “Lanling” high-end brand at the upcoming Auto Guangzhou 2016.
Local media reports had speculated a few days earlier that the brand would be named after the surname of company Founder and Chairman Wei Jianjun, the statement from Great Wall basically makes that official. The new brand could name its models in the form of W1, W2, W3, etc. to designate vehicles from small to big, similar to its Haval SUV model naming convention. Great Wall has also formed a new company dedicated to the new brand – Great Wall Motor Xushui Weipai Co.
According to preliminary information available from the brand’s official website, www.wey.com, the brand name is an acronym of wow, enjoyable and youthful.
The move is clearly another attempt by Great Wall to elevate its product lineup and brand image. The company has almost depended entirely on its Haval brand SUVs for most of its sales volumes and profit. Over the first 10 months of this year, Great Wall sold 684,335 SUVs, up 25.29 percent from a year ago and accounting for more than 86 percent of its total vehicle sales of 794,836 units during the period. Its net profit over the first three quarters of the year reached ¥7.209 billion ($1.11 billion), up 16 percent.