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Great Wall Motor net profits more than triple in H1

Mary From Gasgoo| July 21 , 2021 17:51 BJT

Beijing (Gasgoo)- Great Wall Motor (GWM) on Tuesday reported preliminary financial data for the first half of this year. For the reporting period, the company’s revenues jumped 73% from a year ago to 62.16 billion yuan(about 9.6 billion dollars)and net profits more than tripled to 3.5 billion yuan (about 540 million dollars). Basic earnings per share increased from 0.12 yuan to 0.38 yuan.

The results were driven by the increase in sales volume and gross profit of automobiles. In the first six months, the top SUV and pickup manufacturer sold a total of 618,211 vehicles, soaring 56.5% compared with the same period of last year. Haval, GWM pickup and ORA all achieved at least double-digit growth while Tank’s cumulative sales reached 33,073 vehicles since it became an independent brand in April this year.

Great Wall MotorGreat Wall Motor revenues, China automotive news

After the official independence of Tank brand, GWM became an automotive group which owns five vehicle brands (HAVAL, GWM Pickup, WEY, ORA, and Tank), and five major parts companies (FTXT, HYCET, Exquisite Auto, NOBO AUTO and MIND).

During the reporting period, GWM actively promoted the development and application of new energy and intelligent technologies. 90% models from the company have realized L2 driving assistance functions while all newly launched models feature vehicle connectivity.

And the automaker continued to step up the efforts for international market expansion. In overseas markets, the automaker’s first-half sales soared to 61,672 vehicles and accounted for 10% of its total sales.   

Great Wall MotorGreat Wall Motor revenues, China automotive news

Wei Jianjun, GWM's chairman, announcing the 2025 strategy; photo credit: GWM

At the end of June, the group announced its 2025 strategy, which says it targets an annual sale volume of 4 million vehicles and new energy vehicles (NEVs) will account for 80% of the total sales. Besides, its annual revenues are expected to reach 600 billion yuan ($92.858 billion). 

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