Great Wall Motor H1 net profit surges 207.87% YoY

Beijing (Gasgoo)- Thanks to the stable increase of vehicle sales and average vehicle price, Great Wall Motor managed to achieve growth in both revenue and net profit for the first-half of this year.

WEY Mocha; photo credit: Great Wall Motor

Revenue of the top SUV and pickup manufacturer in China jumped 72.36% year on year to RMB61.93 billion ($9.57 billion) for the first half of this year and its net profit surges 207.87% from a year ago to RMB3.53 billion ($545 million), the company announced recently.

In the second quarter, the automaker’s revenue amounted to RMB30.8 billion ($4.76 billion), up by 31.04% compared with the corresponding period of last year. And its quarterly net profit grew by 5.17% year on year to RMB1.89 billion ($292 million).

In the first six months of this year, the automaker sold 614,389 new vehicles, up by 53.68% versus the same span of last year, making its complete vehicle sales revenue jump by 72.68% from a year earlier to RMB55.21 billion. The average price per vehicle increased by 12.15% to RMB100,800.

The application of its cutting-edge technologies was another main reason for the sales increase. In the first half of 2021, Great Wall Motor invested a total of RMB2.9 billion in R&D, representing an increase of 63.15% from a year ago, to accelerate the application of power technologies, intelligent cockpit, intelligent driving technologies into new products, and further enhance its efforts in new energy and intelligent innovations.