Great Wall Motor’s net profit tumbles 24.02% in virus-hit first half of 2022

Shanghai (Gasgoo)- Great Wall Motor (GWM)'s financial preview shows that its gross revenue for the first six months added up to 35.929 billion yuan ($5,129,856,390), sliding 13.17% over a year ago.

For the first half of 2020, the net profit attributable to shareholders tumbled 24.02% year on year to 1.153 billion yuan ($164,622,573). Excluding the impact of certain non-recurring gains and losses, the net profit plunged 34.88% compared to the year-ago period to 0.808 billion yuan ($115,364,300).
The profit downturn mainly stemmed from the impact of the COVID-19 pandemic, the sales decrease and the rise in R&D investment, the automaker said.

(P Series Off-road Pickup, photo source: Great Wall Motor)

GWM gained a 29.6% year-on-year surge in June by selling 82,036 new vehicles, the automaker announced on July 8. For the first two quarters, the automaker saw its sales dip 19.95% over a year ago to 395,097 units. 

The automaker resolves to turn itself into a global mobility technology developer and service provider. As part of efforts to achieve that goal, GWM launched on July 20 three technology brands dubbed “Lemon (Ningmeng, in Chinese)”, “Tank” and “Café Intelligence”.

The automaker announced on spot the launch of two automobile platforms, namely, the “Lemon” and the “Tank”. Involving over 20 billion yuan ($2,855,552,000) of R&D investment and integrating GWM's global resources, the two platforms are designed to produce the models that target global markets. 

GWM's said the “Lemon” platform will be compatible with the model development from A0 to D segments, and covers SUV, sedans and MPVs. Besides, it will be adaptive to four powertrain solutions—internal combustion engine, hybrid power, BEV and FCEV.

Mu Feng, GWM's vice president of R&D, said GWM plans to launch in 2021 the first-generation Lemon-based FCEV that has a range of over 900km and can sprint from 0-100km/h within 8.9 second. The second-generation one will be released in 2023 with the range growing to over 1,100km and the 0-100km/h acceleration time dropping to 4.56 seconds.

(Tank 300, photo source: Great Wall Motor)

The “Tank” is positioned as a global professional intelligent off-roader platform that contains SUV and pickup models in the segments from B to D+.

The first off-road SUV built on the “Tank” platform is to be unveiled at the Chengdu Motor Show kicking off on July 24.

The “Coffee Intelligence” will specialize in automobile intelligence. According to Li Peng, GWM's chief digital officer, the brand works on the R&D of smart cockpit, intelligent driving and intelligent electrical/electronic architecture.

The first “Coffee”-powered model will be a flagship WEY-branded model which is expected to go on sale at the end of 2020. Going forward, the technology will be applied across the entire lineup of GWM.