Great Wall Motor clocks 58.72% YoY leap in H1 2022 net profit

Shanghai (Gasgoo)- Great Wall Motor ("GWM") announced on Tuesday its revenue for the first half of 2022 (“H1 2022”) edged up 0.33% over a year earlier to 62.134 billion yuan ($8.99 billion).

For the first six months of the year, GWM scored a 58.72% year-on-year leap in the net profit attributable to shareholders, which reached around 5.601 billion yuan ($810.352 million). Excluding the impact of certain non-recurring gains and losses, the H1 net profit was around 2.059 billion yuan ($297.885 million), sliding 27.56% from the previous year.

TANK 500; photo credit: Great Wall Motor

The automaker said the remarkable net profit growth mainly resulted from the rising average price per car, which flowed from its major efforts to boost the development and applications of new energy and intelligence technologies, and optimize its product structure.  

In Jan.-Jun. period of 2022, GWM's average price per car reached 121,200 yuan ($17,540), jumping 20.27% compared to the same span of last year.

According to a press release GWM posted on its WeChat account, the company poured into R&D businesses over 5.81 billion yuan ($840.665 million), including capitalized and expensing R&D investments, representing a year-on-year surge of 100.55%.

GWM also noted that its overseas business is playing an increasingly important role in its overall operating performance. The vehicles sales to overseas buyers accounted for roughly 13% of the company's total H1 auto sales.