Great Wall Motor predicts to gain 52% net profit surge to RMB 3.7 billion in H1

Shanghai (Gasgoo)- Great Wall Motor (GWM) is expected to gain revenue of RMB 48.678 billion in the first half of 2018, jumping 17.99% from a year ago. Its net profit will reach RMB 3.7 billion, soaring 52.35% over the previous year. Moreover, the automaker's net profit attributable to shareholders of the parent company is expected to reach RMB 3.68 billion, surging 52.07% on an annual basis.

GWM attributed the expected revenue growth to the optimization of product structure and the market shares improvement of WEY's sales.

It is known that GWM delivered 471,500 vehicles in the first half of 2018 with a year-on-year increase of 2.34%, completing 40.65% of its 2018 sales target of 1.16 million units.

During the first half of 2018, GWM delivered 402,956 SUVs, edging up 1.32% compared with the same period last year. To be specific, the Haval brand suffered continuous decline during the first half of this year. It handed over 325,309 units during the first six months with a year-on-year slide of 17.55%. The sales skid of GWM's SUVs mainly resulted from the substantial sales drop of Haval brand as well as a slight sales drop of its high-end brand WEY.

Although GWM suffered sluggish sales in the first half of 2018, WEY's 2018 sales target will still remain at 250,000 units. Haval brand will launch new models, like the F5 and F7, which will help boost sales of the brand.