China's off-road NEV market has a lot of room to grow, with steady-state monthly sales of the Tank 700 Hi4-T expected to reach 3,000 units, analysts say.
(Image credit: Great Wall Motor)
Tank, the personalized brand of Great Wall Motor (HKG: 2333), has rolled out a new hybrid model, the Tank 700 Hi4-T, its latest to feature the Hi4-T powertrain and the brand's most expensive to date.
Tank officially launched the off-road SUV on February 26, with two regular versions starting at RMB 428,000 ($59,460) and RMB 468,000, and a limited edition starting at RMB 700,000.
Notably, this is a reduction of RMB 40,000 from the model's starting price of RMB 468,000 when pre-sales began in late January.
The Tank 700 Hi4-T measures 5,090 mm in length, 2,061 mm in width and 1,952 mm in height, with a wheelbase of 3,000 mm.
The model is powered by a 3.0 L engine with a maximum power of 265 kW and a peak torque of 560 Nm, and an electric motor with a maximum power of 120 kW and a maximum torque of 400 Nm.
The Tank 700 Hi4-T's powertrain has a combined power of 385 kW and a peak torque of 800 Nm in the two regular versions and 850 Nm in the limited version.
The model is equipped with a 37.1 kWh Li-ion ternary battery pack, with a WLTC battery range of 90 km for the two regular versions and 85 km for the limited version.
Great Wall Motor is one of the most successful local car companies in China, but is clearly lagging behind in the NEV (NEV) market.
The Tank brand launched the Tank 500 Hi4-T on June 26, 2023, the brand's first NEV model, which is only available in one version with a starting price of RMB 335,000 yuan.
The Tank 500 Hi4-T is a plug-in hybrid version of the Tank 500, which is powered entirely by an internal combustion engine. The Tank 700 Hi4-T is an all-new model and there is no version powered entirely by a gas engine.
On September 25, 2023, Tank launched the Tank 400 Hi4-T with a starting price of RMB 279,800, its second model with Hi4-T hybrid technology. The Tank 400 is also not available in a version powered entirely by a combustion engine.
Tank's previous models on sale include the Tank 300 and Tank 500, both of which were initially only available in a version powered entirely by the combustion engine. There is currently no Hi-4-T version of the Tank 300.
There's plenty of room in China's off-road NEV market, with steady-state monthly sales of the Tank 700 Hi-4-T expected to reach 3,000 units, said SDIC Securities analyst Xu Huixiong's team in a research note today.
SDIC Securities, previously known as Essence Securities, replaced the name it had previously used for 17 years in December 2023.
China's off-road NEVs are expected to exceed 3 million in terms of market space in the long term, and Tank's main competitor in the space is currently only BYD's (HKG: 1211, OTCMKTS: BYDDY) Fang Cheng Bao brand, the team said.
($1 = RMB 7.1976)
Great Wall Motor steps up electrification transition as Tank brand launches 1st NEV model
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