Great Wall Motor logs double-digit growth in 2020 net profit

Shanghai (Gasgoo)- Great Wall Motor (GWM) announced its gross revenue rose 7.38% to 103.308 billion yuan ($15.73 billion) in 2020. To be specific, the revenue from the sale of complete vehicles amounted to 92.386 billion yuan ($14.067 billion), climbing 7.11% over a year ago, while the other 10.922 billion yuan ($1.663 billion) was from auto parts and other businesses, a year-on-year jump of 23.32%.

Haval H6; photo credit: Great Wall Motor

According to GWM's 2020 financial results, its full-year net profit attributable to shareholders reached 5.362 billion yuan ($816.519 million), up by 19.25% from the previous year.

The company said its net profit growth was mainly credited to the increase in complete vehicle sales and gross margin. GWM saw its new vehicle sales in 2020 grow 5.41% to 1,111,598 units, topping 1 million units for 5 consecutive years. With an annual sales volume of 750,228 units, Haval brand was honored the No.1 SUV brand in China for the 11th year in a row. WEY became the China's first indigenous premium SUV marque that hit 400,000 units in cumulative sales. Besides, the BEV-focused ORA boasted a hike of 44.8% with its annual sales reaching 56,261 units. The company also sold 225,002 pickups last year, amounting to nearly 50% of China's pickup sales.

GWM noted its product premium kept rising last year. In 2020, the average price per car was 3.1% higher than that of the previous year.

The automaker poured a total of 5.15 billion yuan ($784.164 million) in R&D activities last year, representing an impressive growth of 21.22%. By the end of 2020, GWM's R&D team had over 19,000 members, accounting for over 30% of the group's total employees.