GWM's October Slump Deepens Even as Overseas and NEV Sales Hit Records

GWM closed October with a split-screen sales report. The Chinese automaker moved 120,374 vehicles last month, down 15.87% year-on-year — its sharpest fall of 2026 and a third straight month of contraction. Yet buried in the same release were two company records: overseas volume and new energy vehicle (NEV) sales both reached all-time highs.

The headline number was 4.72% better than September, but the year-on-year comparison is where the story sits. The decline stretched from 13.99% in September and now ranks as the worst since January 2025. Through the first ten months, GWM has delivered 1,040,676 vehicles, a 2.42% retreat that has widened from the 0.33% slip reported at the nine-month mark.

The Home Market Is Doing the Damage

China itself is the weak link. Domestic deliveries came to 57,512 units in October, a 33.06% collapse year-on-year, even though they edged up 4.71% on September. That makes a full twelve months of consecutive domestic declines. Cumulative home sales stand at 501,837 vehicles, down 25.66%.

Exports kept the ship afloat. GWM shipped 62,862 vehicles abroad, a new monthly record that topped August’s 62,517 and made up 52.22% of October’s total. On paper that looks like a clean win. The growth rate, however, tells a different story: overseas volume climbed just 9.98% year-on-year, down from 19.40% in September and the first single-digit gain of the year. Month-on-month, exports rose 4.74%.

October at a Glance: 120,374 total sales (−15.87% YoY) · 57,512 domestic (−33.06%) · 62,862 overseas (record, +9.98%) · 49,499 NEVs (record, +7.25%)

Still, the export tally has already passed last year’s full-year figure — 538,839 units in ten months against 506,066 for all of 2025, a 37.69% jump.

NEVs Cross a Threshold

Electrified models delivered 49,499 units in October, up 7.25% year-on-year and 17.91% month-on-month, clearing the previous high set in October 2025. NEVs now account for 41.12% of total volume — the first time the share has broken 40%. The ten-month total of 311,466 is still 4.05% below last year’s pace.

Brand-by-Brand: One Winner, Four Losers

GWM’s five reported segments largely moved in the same direction, with a single exception.

• Haval: 71,027 units, down 19.50% year-on-year but up 6.71% on September; 586,107 through ten months (−4.96%).
• Tank: 15,389 units, down 31.01% — a seventh consecutive monthly decline; 158,185 year-to-date (−15.61%).
• Wey: 8,648 units, down 31.90% despite a 23.97% monthly rebound; the ten-month tally of 75,230 slipped 1.39%, turning negative for the first time this year.
• Ora: 12,187 units, up 115.78% year-on-year and 8.79% month-on-month — the only segment in positive territory.

Ora’s surge is the one bright spot inside China, though it starts from a small base. The broader picture is a company leaning harder on foreign buyers while its domestic business searches for traction.

Whether record NEV and export numbers can keep masking a double-digit home-market slide is the question heading into the final two months of the year.