AutoBeta(AutoBeta.net)03/13 Report--

According to Tencent News's "High Light" report, a number of middle and senior employees of Great Wall Motor offered to leave before and after the Spring Festival, including at least three senior employees at the deputy general level and more than 10 section chiefs and ministers (directors, senior directors). Newcomers who have been employed for at least two months or even seven days are also old Great Wall people who have been employed for more than 10 or 20 years. According to the report, the trigger for the mass departure was an anti-corruption campaign within Great Wall, where employees generally believed that senior executives might have to use the anti-corruption campaign to reorganize themselves. At the same time, the long-term high-pressure workplace environment of Great Wall Motor is also the reason for employees to leave.

Great Wall officials have not yet responded to the news.

The camp of iron, the soldier of running water. Frequent high-level personnel changes make Great Wall's marketing strategy and product positioning "even worse". In fact, the departure of senior executives is nothing new to Great Wall Motors. In 2023 alone, more than five managers left Great Wall Motors to seek new products, but the long-term management adjustment inevitably made Great Wall Motor carry the rumors that "it is difficult for senior executives of Great Wall Motor to be a senior executive" and "Great Wall Motor cannot retain talent".

According to Automotive Industry focus, at least five executives are known to have left Great Wall Motor in 2023, including Wang Fengying (General Manager of Great Wall Motor), Guotiefu (General Manager of Public Relations), Wenfei (Sharon / Euler brand CEO), Li Xiaorui (General Manager of Harvard), Chen Siying (General Manager of Wei Brand CEO and Marketing General Manager of Tank brand) and Great Wall Motor's Wei Brand, Harvard and Tank brands. After entering 2024, the personnel adjustment of Great Wall Motor is still going on. Among them, Qiao Xinyu (Executive Vice President of Harvard Marketing) left, and Zhang Li (Deputy General Manager of Great Wall Automobile Branch) joined Xiaopeng Automobile as the head of production.

The change at the top of Great Wall is just one surface manifestation of the change in the established autonomous car factory, which has been substandard for three years in a row.

The sales target of Great Wall is too high, and aiming too high is not conducive to improving the enthusiasm of employees. In 2021, Great Wall announced the equity incentive plan, the sales target for 2021-2023 is not less than 1.49 million, 1.9 million and 2.8 million respectively, and the net profit target is not less than 6.8 billion yuan, 8.2 billion yuan and 11.5 billion yuan, respectively. But the reality is that Great Wall sold 1.28 million, 1.06 million and 1.23 million vehicles respectively in 2021, and its net profit was 6.7 billion yuan, 8.2 billion yuan and 7 billion yuan respectively, far below the target set by Great Wall Motor. In terms of 2023 sales, sales for the whole year were 1.2307 million, up 15.29 per cent from a year earlier, but according to Great Wall's annual sales target of 2.8 million vehicles, the completion rate was only 43 per cent.

Last month, Great Wall Motor once again issued an equity incentive plan. From 2024 to 2026, the company sold no less than 1.9 million, 2.16 million and 2.49 million vehicles respectively, and its net profit was not less than 7.2 billion yuan, 8.5 billion yuan and 10 billion yuan, respectively. This goal is much lower than Wei Jianjun's original plan, but judging from the current market trend of Great Wall, it is not easy to achieve the annual sales target of 1.9 million vehicles by 2024. According to the data, the wholesale sales of Great Wall cars in the first two months of 2024 were 175100, an increase of 34.92% over the same period last year, with a completion rate of 9%. The next monthly sales should be at least more than 170000.

The bigger worry for Great Wall is that the development of its new energy vehicles has been weak. In 2023, Great Wall sold 262000 new energy vehicles, accounting for 21 per cent of the total, of which Euler, a pure electricity brand, sold 108500 vehicles, up 4.35 per cent from the same period last year. In terms of specific models, Harvard Owl Dragon MAX, which is expected to drive high and low, sold 30500 vehicles in the whole year, while Blue Mountain DHT-PHEV sold 30900 vehicles. Currently, monthly sales remain at about 2000 vehicles. Today, when new energy has become the absolute protagonist, Great Wall Automobile has not made as much progress as other leading car companies in this respect. whether it can catch up in the future will test the executive ability of Wei Jianjun and his team and their determination to overcome difficulties.

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