Works by Qiaofu

People, Vehicles, and the Industry Landscape

Jointly Witnessing the Ascendancy of China's Automotive Sector

On September 15, Geely's Galaxy Warship 700 commenced pre-sales, marking Geely's formal foray into the off-road vehicle market.

This move signifies Geely's ambition to encroach upon Great Wall's most lucrative market segment.

What is the cornerstone of Great Wall's success? Pickup trucks, SUVs, and off-road vehicles. The Tank brand soared to 230,000 units in sales in 2024, elevating its domestic off-road market share from 33% to over 50%. Over the past decade, Wei Jianjun has firmly established 'hardcore off-road' as a hallmark of Great Wall's brand identity.

Now, three formidable competitors have emerged simultaneously.

Geely's Galaxy Warship 700, an AI-enabled all-terrain hardcore SUV, is priced starting at 199,800 yuan, positioning itself competitively between the Tank 300 and Tank 500. Chery's Jetour Traveler achieved sales of 103,537 units in the first half of the year, securing the second spot in the off-road category. Meanwhile, BYD's Fangchengbao achieved retail sales of 235,000 units in 2025, surpassing Tank's 230,000 units for the first time.

The three-way struggle for market share is not a future scenario; it's unfolding in real-time.

Among the competitors, BYD stands out as the most formidable. Fangchengbao sold 26,000 units domestically in May, 2.36 times the domestic retail volume of Tank during the same period. Tank's domestic sales in May plummeted to only 11,000 units, marking an 18.3% year-on-year decline. From January to May, Fangchengbao's cumulative retail volume exceeded Tank's by 77,000 units.

In terms of pricing, Fangchengbao's Leopard 5 starts at 259,800 yuan, while the Leopard 8 Flash Charge version is priced at 419,800 yuan. In contrast, Tank 300 starts at 199,800 yuan, and Tank 500 at 335,000 yuan. In the fiercely contested 200,000 to 400,000 yuan price range, Fangchengbao leverages new energy powertrains and intelligent configurations to outperform Tank's fuel and hybrid models. Although the new energy versions of Tank 400 and Tank 500 have indeed outsold their fuel counterparts, their overall adoption rate remains sluggish—new energy models constitute less than 30% of Tank's lineup, while competitors have fully embraced this transition.

Great Wall's interim report corroborates these trends. Tank brand sales declined by 10.62% year-on-year in the first half, with a staggering 27.16% drop in June alone. The flagship Tank 300's monthly sales plummeted to 3,595 units, and Tank 500's monthly sales fell below 100 units. Consequently, Tank's market share in the hardcore off-road segment dwindled from 45% in 2024 to around 32% in 2025.

Off-roading, once the impregnable stronghold of fuel vehicles, has now been breached by new energy alternatives.

In the first quarter of 2026, new energy penetration in the hardcore off-road segment surpassed 50%. In June, new energy models accounted for six out of the top ten hardcore SUV sales. Traditionally, off-road vehicles competed on features like three locking differentials, robust chassis, body strength, and suspension travel. Now, the competition has shifted to intelligent driving, energy efficiency, pure electric range, and urban commuting experience. Fangchengbao's Leopard 8 supports flash charging, offers an extended pure electric range, and delivers a driving experience akin to a luxury SUV in urban settings. In contrast, Tank 700 Hi4-T's WLTC pure electric range is limited to 90 kilometers, and its intelligence level lags behind competitors.

Great Wall is also advancing new energy off-road vehicles. Its Hi4-T and Hi4-Z technical routes are by no means inferior. The challenge lies in the competitors' faster pace of innovation.

BYD's DMO hybrid architecture has evolved to DMO+, Chery's Jetour targets the cost-effective lower-tier market, and Geely's Galaxy Warship is equipped with Thunder Super Hybrid and Qianli Haohan Intelligent Driving. Despite their differing product logics, these three companies share a common objective: to capture the largest share of Great Wall's most profitable market segment.

Has Wei Jianjun been defeated?

If we solely consider Tank's sales trajectory, the answer appears affirmative. After four consecutive years of growth, Tank has become the fastest-declining brand under Great Wall's umbrella. A brand that once commanded premium pricing now sees its flagship model selling less than 4,000 units monthly, indicating a tangible loss of market share.

However, from a broader perspective, Wei Jianjun's setback in this battle underscores China's automotive industry's triumph in a far more significant contest.

The off-road vehicle market has long been dominated by foreign brands such as Toyota Prado, Jeep Wrangler, and Land Rover Defender. Great Wall's Tank 300 shattered the price barrier, reducing it from 500,000 yuan to 200,000 yuan—a groundbreaking achievement. Now, BYD, Chery, and Geely have joined forces, leveraging new energy technology to fully Chinese-ize this market. In 2025, Chinese brands are projected to account for 70% of the hardcore off-road market, with only the Toyota Prado among imported fuel off-road vehicles making it into the top ten sales, selling less than 21,000 units annually.

This is not merely Great Wall losing to its rivals; it's a testament to fuel vehicles yielding to new energy alternatives and the old track giving way to the new.

Wei Jianjun was the undisputed king of the old track, having built China's finest fuel off-road vehicles. However, the track has changed, and so have the rules. The core competitiveness of off-road vehicles has shifted from 'mechanical reliability' to 'electric drive intelligence experience.' BYD has demonstrated with DMO that electric drive off-roading can be more robust, efficient, and intelligent. Chery has shown with Jetour that the lower-tier market also embraces new energy off-roading. Geely's Galaxy Warship's 43,900 mini-orders within 60 minutes attest to the market's insatiable appetite for new energy hardcore off-roading.

Wei Jianjun's personal victory or defeat is inconsequential. What truly matters is China's success in changing lanes to overtake.

A decade ago, few believed Chinese brands could rival Toyota in the off-road vehicle market. Five years ago, the notion of new energy disrupting hardcore off-roading seemed far-fetched. Now, the market share lost by Tank has been fully claimed by Chinese brands. The combined off-road market share devoured by BYD, Chery, and Geely far exceeds the 50% once held by Tank.

The three-way struggle for market share may divide Great Wall's old territory, but it establishes a new landscape for China's automotive industry.

Wei Jianjun faces an imminent threat. However, as the city gates open, what emerges is a formidable Chinese automotive legion.