Great Wall Motor scores 25.4% YoY jump in 2021 annual net profit

Beijing (Gasgoo)- Great Wall Motor’s business strategies helped the company bring in RMB136.4 billion ($21.43 billion) annual revenue in 2021, jumping 32.04% year over year, according to its 2021 annual report released on March 29th.

Photo credit: ORA

Great Wall Motor’s annual net profit summed up to RMB6.726 billion ($1.06 billion) in 2021, representing a 25.43% increase compared to the earlier year. 

In 2021, the vehicle sales revenue of Great Wall Motor amounted to RMB121.31 billion ($19.06 billion), up 31.3% from a year ago. The automaker explained that the increase was a result of its brand imaging elevating to a higher-end status. In the past year, the average vehicle selling price of Great Wall Motor surpassed RMB106,000 ($16,655), 15.02% more than a year ago. 

In 2021, Great Wall Motor sold a total of 1.281 million vehicles, up 14.79% year over year. The company took great pride in its glowing performance despite the various external challenges thrown the auto industry’s way. 

Notably, Great Wall Motor allocated RMB9.07 billion ($1.43 billion) in R&D, soaring 76.05% from a year ago. In the five years from 2021 to 2025, Great Wall Motor intends to ante up its R&D investment to roughly RMB100 billion ($15.71 billion). By 2023, the company aims to double its global R&D team to 30,000 people, with 10,000 working on software development.