Ultimately it's a matter of expectations. Kia will soon launch its Tasman ute in Australia and have publicly set themselves a target of building towards a 10% market share in the segment over time. Kia has been here for 25 years now and is currently 4th in sales YTD, yet they are under no illusions that they are going to come in with Tasman and sweep aside segment leaders Ford Ranger (27%) or Toyota Hilux (21%). It's also worth noting that while the off-road touring market is a profitable one, it is also quite conservative, even moreso than the general Australian market. Perceived reliability is key, while integration of the latest technology is less important than it is in a hatch, sedan or soft SUV. Even 10-year old, thrashed Toyota Landcruisers seem to exist in their own pricing universe, reflecting the distinct priorities of that market and how successful Toyota has been in cultivating an image of rugged reliability over the generations. It's going to take time for any new brand to get traction in that segment.
Tank 300 doesn't really have much in the way of direct competitors at the moment. Suzuki's Jimny is significantly smaller and more rudimentary, while most off-road vehicles are larger, with at least notional 7-seat capacity, more in line with the Tank 500. Tank 300 appeals to folk who want a smaller, off-road capable vehicle with more technology and refinement than a Jimny offers, and who also don't need the towing or payload capacities that larger vehicles such as the Toyota Landcruiser, Ford Everest or most dual-cab utes offer. Jeep's Wrangler is probably the most direct competitor Tank 300 has here at the moment, and it is definitely outselling that vehicle. Jeep sales have almost entirely collapsed in Australia in recent years, from a 2014 peak of 30,408 sales (12th overall, roughly where GWM is now) to 940 sales YTD, 33rd, -40% YoY. By all accounts what killed Jeep here was a combination of poor reliability and poor support experiences when things did break, coupled with disproportionate price increases these last few years. Definitely a cautionary tale as how quickly things can go wrong.
Personally I think there is still a gap in the market here for an off-road vehicle smaller than Tank 300 but larger and more refined than the Jimny. Something like BYD FCB3 or Chery iCar 03 is roughly what I am thinking of, size-wise, but preferably with a PHEV powertrain option also.
