Chinese auto manufacturer Great Wall Motor plans to actively promote its plug-in hybrid and electric cars this year and boost overall sales by 54 percent from the year before as the owner of the Haval, Ora and other brands transitions to new energy vehicles.

Great Wall Motor aims to sell 1.9 million cars this year, the Baoding-based company said in its 2024 business plan. And it has set a goal of a 2.8 percent increase in profit to CNY7.2 billion (USD1 billion) in 2024 from a year ago.

Great Wall Motor logged a 15.2 percent plunge in net profit last year from the year before to CNY7 billion (USD1 billion), mainly due to the fluctuating exchange rate, it said in its latest financial report released on Jan. 23. Net profit when excluding non-operating profits and losses climbed 4.6 percent.

Revenue, though, surged 26.3 percent to CNY173.4 billion (USD24.5 billion) over the period thanks to better sales and higher prices, according to the report. The price of a vehicle jumped 9.3 percent last year from the previous year to CNY141,000 (USD19,896). And overseas sales surged 82.5 percent to 316,000 units.

The firm’s Haval marque is its best selling model, accounting for more than half of shipments. Last year, 715,000 Haval vehicles were deliveries.

The Haval H6 was the top-selling sports utility vehicle for years, until it was overtaken by BYD’s Song Plus DM-I in 2022. Haval entered the NEV market that year and has been focusing on autos priced at over CNY150,000 (USD21,000) to compete with joint venture brands.

Haval’s NEVs will be the deciding factor as to whether Great Wall Motor will succeed in transitioning to electric cars, Li Ruifeng, chief growth officer of Great Wall Motor, said earlier.

Great Wall Motor’s NEV sales doubled last year from a year earlier to 262,000 units. Around 21 percent of Great Wall Motor’s vehicles are NEVs, less than the penetration rate of 30 percent.