Great Wall Motor’s Q3 net profit grows 2.9% YoY
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.
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%.
Gasgoo not only offers timely news and profound insight about China auto industry, but also help with business connection and expansion for suppliers and purchasers via multiple channels and methods. Buyer service:email@example.comSeller Service:firstname.lastname@example.org