Qi Shi Auto-First｜Sun Jinfeng

Within over a month, five lines launched simultaneously.

On September 1, Yangguang Pro Extended Range Version launched, benefit price 104,800 CNY;

On August 31, Huanjing S cumulative deliveries exceeded 23,000 units;

On July 31, Yangguang Pro Pure Electric Version launched, starting 94,800 CNY, JD Logistics on-site bulk car pickup;

On July 29, Right-hand drive new car Aira EV launched at Indonesia Auto Show, equivalent to starting 39,000 CNY;

On July 16, Xingguang L launched, 112,800 CNY starting large six-seat plug-in hybrid SUV, half month insured 5,650 units.

Commercial vehicles, passenger vehicles, premiumization, going global, SAIC-GM-Wuling rooted in Liuzhou, action density not like an old automaker, rather like a new force in second entrepreneurship.

Data also reveals 'contradiction': H1 sales 681,000 units, down 9.6% YoY; revenue grew counter-trend 7.2%, reaching 43.38 billion CNY. Cars sold less, money sold more — average vehicle value going up.

Behind this is Wuling's major strategic turn: trading small for large.

Champion's trouble: Track is collapsing

Wuling's specialty is timing, but more so making 'legendary cars'.

Hongguang series dominated the micro-car market for years, 'Mountain Top God Car' legend spread to present;

Hongguang MiniEV cumulative sales 1.95 million units, topped A00-class pure electric sales for 71 consecutive months;

A0-class pure electric Binguo family cumulative sales exceeded 750,000 units.

Walking around Liuzhou streets is more intuitive: MiniEVs are everywhere on the streets, painting and modifications vary, small cars became creative canvases for owners; Car body small enough to fit in the space between two trees — Calling it Liuzhou's 'City Car' is not an exaggeration.

An enterprise with cumulative production and sales exceeding 31 million units, the experience of selling cars is what they lack the least of. When the individual economy rose, they made Hongguang; When demand for commuter cars exploded, they made MiniEV — 'Whatever the people need, Wuling builds', confidence comes from hitting the rhythm of the times twice.

But now, two old tracks are collapsing simultaneously.

Market below 50,000 CNY, H1 sales only 130,000 units, down 55% YoY; MiniEV's A00-class pure electric market, Jan-May cumulative decline 64%. After subsidy withdrawal, price advantage and profit margin of small cars were compressed together, automakers withdrew from this price segment one after another. Mini-EV which once sold 50,000 units a month, July wholesale sales 7,958 units, down 70% YoY.

Champion is still here, track is almost gone. Geely Panda, Changan Nuocorn have stopped iteration, price reduction to clear inventory, gradually exiting. Wuling didn't lie flat — 5th gen MiniEV replaced in March this year, 4 doors 4 seats, added fast charge, starting 44,800 CNY, more features same price — but obviously no longer relying on this small car to carry the banner.

Same for commercial vehicles. Micro-passenger market shrank for consecutive years, individual economy dividend peaked; E-commerce logistics pushed demand to larger cars, purer electric.

'Wuling's judgment is precise: It's not that people don't need Wuling anymore, people's business and families have all grown bigger.'

Trading small for large: From 30,000 to 200,000

Thus two 'bigger' battlefronts emerged.

First, look at Wuling's cards: Commercial Wuling Red logo, Passenger Wuling Silver logo, plus Huanjing deeply bound with Huawei — Three brand lines lined up, product matrix paving upward.

Passenger cars, moving from commuter cars to big families. Xingguang series leads: Xingguang 730 launched 9 months, topped 150,000 CNY MPV sales for consecutive months, cumulative sales 60,000 units, won Jan-Jul domestic brand MPV sales champion, also entered 25 overseas markets;

Xingguang L large 6-seat plug-in hybrid SUV priced 110,000 to 130,000 CNY, launched first month delivery 5,600+ units, next month jumped to 7,000+ units; 5.1-meter plug-in hybrid MPV Xingguang M has been on announcement, launching Q1 next year.

Testing the ceiling is Huanjing. Huanjing S launched May 8, 159,800 to 203,800 CNY, all series standard Huawei Qiankun Intelligent Driving and HarmonyOS Cockpit — This is Wuling's first time selling cars to 200,000. Initial doubts were loud, delivery curve kept upward: May 3,603 units, June 5,689 units, July 7,203 units, August 7,306 units, achieved four consecutive increases, cumulative broke 23,000 units, hands still pressing 15,000 units undelivered orders.

More interesting is the transaction structure: 185,800 and 203,800 high-spec models accounted for 85%; 89% of users are trade-ins, 60% from top-tier joint ventures; 89.7% are families with children, first and new first-tier cities orders account for 80%, NPS net promoter score up to 86 points. That is to say, Huanjing S snatched not domestic brand plates, but joint venture brands guarding twenty years of mid-range home market, and snatched the smartest batch of family users in tier 1 and 2 cities.

'Extreme low price has never been the core positioning of Huanjing series,' SAIC-GM-Wuling VP Zhao Yifan said in public interview, 'Our original intention is to let more families access technology configurations only high-end models had before.' Huawei stationed team participated in product definition and channel construction, 300+ experience centers landed. According to latest news mastered by Qi Shi Auto-First, Huanjing is about to upgrade from product series to independent brand, focusing on 150,000 to 250,000 CNY market — Huanjing brand's second model Huanjing M is on the way.

Commercial vehicle's 'becoming bigger' is equally straightforward. Yangguang series cumulative sales nearly 170,000 units, consecutively 27 months topping new energy light passenger sales champion; Yangguang Pro launched end of July, vehicle height up to 2.17 meters can enter underground garage, 9 cubic meters cargo box, JD, Huolala bulk procurement, pure electric version 94,800 CNY start, extended range version Sep 1 quickly followed.

Next, Wuling will collaborate with SAIC Maxus on larger light commercial vehicles/trucks, and with CATL promote battery swap cooperation. SAIC-GM-Wuling Brand and Marketing Director Sixing's thinking is clear: 'Commercial vehicles actually need battery swap, first speed is fast, second users hope cars last longer, don't want battery life to affect the car's whole life.'

Dare to make cars from 30,000 to 200,000, must have manufacturing that can handle it. Liuzhou headquarters Smart Island Factory, already selected national first batch pilot smart factory cultivation list, is the only auto enterprise in list, backed by national expert team and technical resources. Production island plus IGV intelligent mobile robot flexible mode, same production line adapts max 20+ models, hourly output 40 to 45 units, assembly precision 0.1 millimeters. Cost control power practiced in small car era, plus factory's flexible manufacturing intelligence, is Wuling's 'low price not low quality' base, also its confidence for betting on product upgrade and globalization simultaneously.

Two 'becoming bigger', one logic: Wuling's upward move didn't separate from people, just people's needs upgraded.

Three Year Window: All New Cars, Facing Global

While domestic stock fights, Wuling bet the other half on overseas.

Zhao Yifan's judgment is clear: Domestic market 20 million units peak, OEM domestic business mainly in trade-in stock market, exports are the path Chinese auto companies must take. In Zhao Yifan's view, whether Chinese auto companies can wrestle with Toyota, VW, GM globally, the golden window for going overseas remains only three years, latecomers will lose core position. So starting this year, Wuling all newly developed models, all face global.

This is not a slogan. 2025 Wuling exports 267,000 units/sets, new energy exports surged 128.6%; H1 this year exports over 172,000 units/sets, YoY growth 37.3%, 4 consecutive months monthly break 30,000, products sold to over 110 countries and regions.

Indonesia cultivated for 9 years, 700 million USD built China auto company overseas first integrated stamping, welding, painting, assembly full craft complete vehicle factory, annual capacity 120,000 units, drove 16 three-electric enterprises to go overseas together. Wuling in Indonesia new energy market once took 37% share, consecutive years sales champion, even slogan localized — 'Whatever Indonesian people need, Wuling builds'.

End of July, Right-hand drive new car Aira EV listed in Indonesia, equivalent to starting 39,000 CNY; Huanjing S also already completed overseas debut in Kuala Lumpur. Other battlefields simultaneously placed: Mexico market, Wuling commercial vehicles CN110V market share achieved 50%; South America this year target 45,000 units; Xingguang 560 also changed badge to MG, entered India under name Hector Tomahawk.

But pressure also lies on the table. Overseas overall market rising water lifts boats — According to CAAM data, H1 national auto exports 5.096 million units, YoY growth 65.3%, Wuling 37.3% growth speed lost to market nearly 30 percentage points; Overseas pursuers have arrived, H1 this year BYD in Indonesia pure electric market surpassed Wuling to take top, Wuling retreated to fourth. And 'Overseas Doubling' means whole year needs to rush 530,000 units, H2 monthly average needs to sell to 60,000 units, is twice current level. From monthly sales 30,000 to 60,000, must sell one by one.

Three Hurdles: Every Hard Road Passed

Upward path and overseas path, not just relying on determination can be finished. At least three hurdles placed before Wuling:

First hurdle, what about Baojun, this is a difficult choice. This brand which once pushed Wuling to 2 million annual sales, after last year H2 organizational adjustment no more brand new products, only Yueye small cars small iteration — Yueye June sales is 34 units. Baojun two words, now more like a sign hanging up. Restart no ammo, hiding no explanation, hanging most hurts channels. Rather than half dormant, better to make trade-offs early: Either integrate into Wuling system for youth series, or give a clear new positioning to restart, most inappropriate is not dead or alive like now.

Second hurdle, profit, this is reality ledger. SAIC-GM-Wuling H1 sales dropped nearly 10%, revenue grew 7.2%, relies on average vehicle value upward. But open calculation: 43.38 billion revenue divided by 681,000 units, average vehicle price only 64,000 CNY — trading small for large just started, Huanjing S such high value model share still too small. 'Sold more expensively' eventually must become 'Earn more', transformation counted as closed loop.

Third hurdle, brand, this is future big exam. Users willing to pay for '150,000 CNY Huawei Family Bucket' Huanjing S, not equal to accept '200,000 CNY Wuling'. Huanjing brand independent, is Wuling's answer: Trust high-end to new name, SAIC, GM two major shareholders' technology and resources expect to tilt towards Huanjing. But this is also a big exam — Take off 'Wuling' two characters independent, can Huanjing still sell? Under Huawei halo, how much is Wuling's own brand power? These answers need to wait and see.

Qi Shi View: New Annotation of Old Slogan

'Whatever the people need, Wuling builds', this is slogan written at enterprise gate, also this auto company's success code. Open Wuling's 'God Car History': Hongguang hit individual livelihood, MiniEV hit ordinary people's commuting — Wuling never built 'cheap cars', but 'cars people just need'. Its real specialty is not low price, but hearing market voice earlier than others.

Now, there are two new voices being heard by Wuling.

One in domestic: People's needs, from 'have cars to drive' changing to 'drive good cars'. Huanjing S 80% orders from top and new top cities, 60% users from joint ventures trade-in — Consumption upgrade not slogan, is 85% high-spec share, smartest batch family users voting with real money.

One overseas: Indonesia streets, Mexico cities, South America roads, people there also waiting for their own car. 'People' two words, first time had global radius, this time Wuling's slogan, needs dozens of languages to read.

Two beats, in the end same narrative: Let more people in more places, drive better cars. This is 'Whatever the people need, Wuling builds' sentence most simple, also most ambitious new annotation.