Great Wall Motor gains 19% YoY growth in 2020 net profit

Shanghai (Gasgoo)- Great Wall Motor (GWM) said its annual revenue hit a record high of 103.283 billion yuan ($15.939 billion) in 2020, rising 7.35% compared to the previous year. Its full-year net profit attributable to shareholders jumped 19% year on year to 5.392 billion yuan ($832.124 million).

The growth in net profit should be credited to the increase in auto sales volume and gross margin, said the company.

ORA Haomao; photo credit: ORA

The automaker sold a total of 1,111,598 new vehicles last year, a year-on-year growth of 4.84%. The upturn resulted from the double-digit increase in the full-year sales of Great Wall Pickup and ORA. With 225,002 units sold in total, Great Wall Pickup scored a remarkable year-on-year growth of 51.18% in yearly sales and took nearly 50% of share in Chinese pickup market. Thanks to ten consecutive months of year-on-year increase, ORA gained a 44.76% blooming growth with 56,261 units sold in 2020.

GWM said it continued its reform in organizational structure and speeded up the transition to being a global technology mobility company despite the coronavirus pandemic in the first half of 2020. Meanwhile, the popularity of its all-new platform and new models and the significant headway made in technical R&D and branding construction promoted the automaker to gain sales and revenue growth.

GWM saw its 10 millionth complete vehicle roll off the production line at the Xushui plant on Jan. 19, making it the first SUV-/pickup-focused Chinese automaker achieving such a remarkable output volume.

GWM's Taizhou; photo credit: GWM

With Baoding as its headquarters, GWM has built international R&D centers in ten cities of seven countries including Japan, the U.S., Germany, India, Austria and South Korea. Under the guidance of the goal of transforming to a global mobility technology company, GWM's has also formed a “12+5” global production layout, namely 12 complete vehicle manufacturing bases and 5 knock down kits factories. Moreover, it has to-date deployed 500 plus sales outlets in more than 60 countries, such as Russia, Australia, South Africa, Chile, Ecuador, Saudi Arabia, United Arab Emirates and Malaysia.