Great Wall Motor boasts 26.12% YoY jump in 2023’s annual revenue

Shanghai (Gasgoo)- Chinese automaker Great Wall Motor ("GWM") announced on March 28 its annual revenue amounted to 173.212 billion yuan in 2023, jumping 26.12% from the previous year.

Notably, the whole-year revenue from complete vehicle sales reached 153.279 billion yuan, accounting for 88.5% of the company’s total operating income and representing a 25.75% growth year-on-year.

Photo credit: GWM

In the same time span, GWM's net profit attributable to shareholders dropped 15.06% over a year ago to 7.022 billion yuan. However, excluding the impact of certain non-recurring gains and losses, the annual net profit still climbed 7.98% year over year to 4.834 billion yuan.

The company said it achieved an annual vehicle sales volume of 1,229,982 units, marking a year-on-year growth of 15.85%. Moreover, sales of vehicles priced at over 200,000 yuan amounted to 225,767 units, accounting for 18.36% of total sales, a rise of 3.09 percentage points compared to the previous year, reaching a historical high. The average revenue per vehicle for the company stood at 141,400 yuan, an increase of 12,000 yuan year-on-year, also hitting a historical peak.

In 2023, Great Wall Motor, leveraging its Forest Ecosystem, fully exerted its efforts in the intelligent new energy vehicle track with 15 new energy vehicle (NEV) models in total. Throughout the year, it sold 256,400 new energy vehicles, marking a remarkable year-on-year soar of 113.88%.

The company added it accelerated its investment in the field of intelligence last year, making a comprehensive layout in the fields of electronic and electrical architecture, intelligent assisted driving, chassis-by-wire, and intelligent cockpit. As of today, GWM's users have accumulated over 100 million kilometers of driving distance powered by intelligent driving capabilities. Simultaneously, breakthroughs were achieved in the company's in-house development of on-board cameras and 4D millimeter-wave radars. Coupled with its proprietary high-performance computing platform, this sets the stage for delivering intelligent navigation capabilities spanning from highways to urban streets.

As for global business expansion, GWM saw its annual overseas markets' sales hit a new high of 314,010 vehicles in 2023, which zoomed up 82.37% over a year ago. It is worth mentioning that GWM's revenue from overseas business shot up 100.41% from a year earlier to 53.611 billion yuan last year.