Great Wall has yet to fulfill two-thirds of its 2014 sales target

Gasgoo.com (Shanghai October 30) - Great Wall Motor released its financial performance report for the third quarter this week, the Beijing Times reported today. According to the report, Great Wall has sold a total of 508,500 vehicles over the first three quarters of the year; the figure is eight percent less than the 555,200 vehicles sold in the first three quarters of 2013. Sales of the manufacturer's sedan division fell 56 percent in that time period.

According to the report, Great Wall's total income revenue for the three quarters of the year totaled 42.5 billion RMB ($6.93b), representing year-on-year growth of 4.44 percent. However, the manufacturer's net profits fell 9.49 percent over the same time frame; this fall has been attributed to declining sales. The manufacturer sold a total of 346,300 SUVs, up 16 percent from the298,500 SUVs sold a year ago; at the same time, sedan sales fell from 158,900 cars to 70,700 cars.

Thanks to its popular Haval SUV line, Great Wall managed to sell 754,000 vehicles last year, up 48.9 percent from the amount it sold in 2012. Ending 2013 on a high end, Great Wall set a sales target of 890,000 vehicles this year, which would represent year-on-year growth of 18 percent. However, Great Wall has only managed to fulfill 57 percent of its sales target so far this year. When asked to comment, Great Wall replied that it currently has no plans to revise this target, and will continue to work hard to achieve it.

In an interview earlier this month, Great Wall Board Chairman Wei Jianjun stated that the company is currently undergoing internal restructuring of its product range. According to reports, Great Wall has reportedly stopped R&D of sedan products to focus on its SUV division. Great Wall's compact Haval H1 SUV and the premium Haval H9 SUV will make their debut later this year.