Great Wall Motor’s H1 2022 net profit expected to leap 50.2%-67.2% YoY

Shanghai (Gasgoo)- Great Wall Motor ("GWM") said earlier this week it expected to gain a net profit attributable to shareholders of 5.3 billion yuan-5.9 billion yuan ($785.802 million-$874.761 million) for the first half of 2022, rising 50.2%-67.2% compared to the corresponding period of 2021.

Excluding the impact of certain non-recurring gains and losses, GWM's semi-annual net profit belonging to shareholders were likely to reach 1.8 billion yuan-2.3 billion yuan ($266.876 million-$341.009 million), sliding 19.07%-36.66% from the previous year.

Haval Shenshou; photo credit: GWM

The automaker said the net profit should be mainly credited to the improvement of its product structure and the increase in price per car, gross profit, gross margin, as well as exchange earnings.

Additionally, the company stressed its steadfastness in the transition towards being a global intelligent technology company, and the development of automotive electrification and intellectualization, resulting in the year-on-year increase in R&D investment and stock ownership incentives for the first six months of this year.

From January to June this year, GWM sold 518,525 vehicles cumulatively, representing a 16.12% decline from the year-ago period. Nevertheless, its BEV-dedicated ORA and the off-roader brand TANK still posted a two-digit year-on-year leap in their Jan.-Jun. sales.