Great Wall Motor’s H1 gross revenue falls 13.17% over a year earlier

Shanghai (Gasgoo)- For the first half of 2020, Great Wall Motor Company Limited (GWM) saw its gross revenue dip 13.17% from a year ago to roughly 35.929 billion yuan ($5,236,270,381), according to its semi-annual financial results.

(Haval Dagou, photo source: GWM)

During the same period, its net profit attributable to shareholders dwindled 24.46% year on year to 1.146 billion yuan ($167,037,236). Excluding the impact of certain non-recurring gains and losses, like the subsidies received from the government, GWM's first-half net profit slumped 35.34% to 802.452 million yuan ($116,948,270). The company said the governmental subsidies included into the Jan.-Jun. profits and losses were worth 331.064 million yuan ($48,248,743).

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.

(2020 Haval F5, photo source: Haval)

For the first two quarters, GWM saw its sales dip 19.95% over a year ago to 395,097 units. To be specific, the combined sales of two SUV brands—Haval and WEY—tumbled 27.74% from a year earlier to 288,855 units, and the BEV-focused brand ORA posted a 65.07% year-on-year plunge with a sales volume of 9,436 units. However, the automaker sold 96,806 pickups, recording a 45% sales hike thanks to the roll-out of the P series Pickup.

GWM also noted that its R&D expense for the first six months leapt 32.97% over the previous year to 1.22 billion yuan ($177,809,384) as the company stepped up its investment in R&D businesses during the reporting period.

(Photo source: GWM)

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 ($2,914,772,000) of R&D investment and integrating GWM's global resources, the two platforms are designed to produce the models that target global markets.