Great Wall Motor boasts remarkable year-on-year hike in Q3 net profit

Shanghai (Gasgoo)- Great Wall Motor (GWM) reported a splendid hike in the third-quarter (Q3) profit compared with the same period a year ago, after the Chinese biggest SUV and pickup manufacturer announced a double-digit growth in Q3 sales volume.

GWM said its net profit attributable to the parent company's shareholders for the third quarter amounted to around RMB1.4 billion, skyrocketing 507% year on year. During the reporting period, it gained gross revenue of RMB21.202 billion, a year on year growth of 18.01%.

Meanwhile, for the first three quarters, the automaker saw its gross revenue reach RMB62.578 billion (-6.1%) and net profit total around RMB2.917 billion (-25.7%).

With 724,113 vehicles sold in total, the company obtained a year-on-year growth of 7.01%, a bright spot amid the prolonged downturn for China's auto market.

The mainstay SUV brand, Haval, saw this year's cumulative sales jump 11.58% over a year ago to 521,252 units. The Haval H6, with 262,400 units sold, has held the honor of the best-selling SUV model for 76 months in total. The F-series, since its launch last year, imbues the automaker with new growth energy.

WEY, which was designed to help GWM move upscale, has sold 13,125 vehicles for the first three quarters. On October 22, the premium SUV brand saw the milestone 300,000th vehicle come off the production line at GWM's Xushui plant. Besides, the roll-out of new models such as the 2020 WEY VV6, the 2020 VV7, the VV7 GT and the 2020 VV5 consolidated its foothold in corresponding segments.

Moreover, GWM is pushing ahead with its deployment in electrification, one of technical trends sweeping China's auto industry. The young NEV brand ORA sold 32,186 cars through September, gaining great consumers' acceptance thanks to its youth-targeted marketing programs and product definition.

Pickup sales aggregated nearly 100,000 units from January to September, said the automaker. The “P” series commercial pickup formally hit the market on October 24, offering several variants in terms of engine, transmission and drivetrain system (photo source: Great Wall Motor).