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Great Wall Motor’s Q3 net profit grows 2.9% YoY

Monika From Gasgoo| October 23 , 2020 20:19 BJT

Shanghai (Gasgoo)- Great Wall Motor Company Limited (GWM) said its gross revenue for the third quarter reached 26.21 billion yuan ($3,932,364,930), jumping 23.6% year on year and rising 11.5% month on month.

During the same quarter, the automaker saw its net profit attributable to shareholders edge up 2.9% over a year earlier to 1.44 billion yuan ($216,047,520) and recorded a gross margin of 19%, 0.5 percentage points higher than the year-ago period.

Great Wall Motor Q3 profit, Great Wall Motor Q3 revenue, China automotive news

Haval H9

For the first three quarters, the automaker earned a total of 62.143 billion yuan ($9.324 billion) in gross revenue, representing a slight decrease of 0.69% from the year ago.

The company sold 680,690 new vehicles from Q1 to Q3, a decrease of 6% from a year earlier. However, on a monthly basis, GWM consecutively boasted double-digit year-on-year growth through the entire third quarter, which significantly contributed to the profit increase.

GWM said all of its four brands netted substantial year-over-year sales growth in the third quarter. Haval's and WEY’s sales climbed 8.5% and 3% from the previous year to 182,765 units and 23,632 units respectively, while ORA and Great Wall Pickup scored sales hike of 179.9% and 93.2%.

The robust sales came with the advent of many new products. Hitting the marketing on August 30, the third-generation Haval 6 had a sales volume exceeding 10,000 units in Sept. The cumulative sales of the ORA White Cat amounted to 2,227 units after it went on sale in mid-July.

As of September, GWM's pickup sales had surpassed 20,000 units for the fifth month in a row.

To grow into a global mobility technology company, GWM is stepping up its investment in R&D projects. The company announced 1.9 billion yuan ($285,062,700) worth of R&D expenditure for the first nine months, a year-on-year leap of 28.5%.

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