Chinese state-owned carmaker Guangzhou Automobile Group (GAC) is making significant strides in the Hong Kong market with the launch of its fourth model. As the city increasingly adopts electric vehicles (EVs), GAC anticipates sharp sales growth. The Hyptec HT, introduced on Tuesday at the 2024 International MotorXpo at the AsiaWorld-Expo, is positioned as a mid to high-end SUV. With a standard version priced at HK$268,800 (US$34,533) and a premium version featuring gull-wing doors costing HK$339,800, it offers a range of options for consumers.

Optimism in the EV Market

Deputy General Manager Wang Shunsheng expressed great optimism about the EV market in Hong Kong. He emphasized that the local government has been supportive of the energy transition. As GAC continues to introduce more models to the city, sales are expected to grow year on year. This shows the company's confidence in the Hong Kong market and its commitment to meeting the growing demand for EVs.

Initial Sales and Future Plans

GAC International's Manager for Asia, Elliot Huang, revealed that the company sold 600 vehicles in Hong Kong in 2024, which was its first year in the city. Looking ahead, it expects to sell 1,000 to 2,000 cars in Hong Kong and Macau in 2025. To further expand its presence, GAC plans to launch at least one new model in Hong Kong next year. This indicates the company's aggressive growth strategy and its determination to capture a larger share of the market.

Overseas Expansion Amid Tariffs

Despite facing tariffs imposed by the US and the European Union, GAC is rapidly expanding overseas. In April, the company opened a factory in Malaysia, and in July, another factory was established in Thailand. Wang Shunsheng stated that GAC plans to enter Australia and New Zealand in the first half of 2025. This shows the company's ability to adapt to challenging market conditions and its global ambitions. GAC expects to sell 12,000 cars across Asia in 2024, with the majority of its international sales coming from Russia and the Middle East. This highlights the company's strong presence in these regions and its potential for further growth.