Great Wall Motor has lowered its target for the amount of cars it intends to ship in 2023 from 2.8 million units to 1.6 million units, according to an updated equity incentive plan published by the Chinese automaker on Dec. 30. The car brand also cut its annual target for net profit from RMB 11.5 billion ($1.67 billion) to RMB 6 billion ($870 million), adding that the changes were made to reflect the company’s current performance amid the Chinese electric vehicle market’s “greatly evolving” landscape. The company was slow to embrace EVs and has therefore struggled to get a foothold in the market. Great Wall sold around 120,700 electric vehicles for the first 11 months of 2022, compared with 1.6 million and 284,000 units posted by peers BYD and Geely over the same period. [Great Wall Motor announcement, in Chinese]