Great Wall Motor Co said it will introduce a new premium brand to target the high-end market, joining Zhejiang Geely Holding Group among Chinese automakers seeking to upgrade from offering cheap, utilitarian cars.

The SUV maker led by billionaire Chairman Wei Jianjun plans to unveil its upscale WEY brand on Nov 16, the same week as the opening of the Guangzhou Auto Show, according to a statement from the Baoding, China-based company. The automaker said it will release details about its model lineup and marketing schedule when they're finalized.

Wei has built Great Wall into China's biggest SUV maker by offering Chinese consumers spacious models with a higher ride and at cheaper prices than sedans made by foreign brands like Volkswagen and Buick.