Great Wall Motor forecasts up to 436.26% YoY spike in H1 2024 net profit

Shanghai (Gasgoo)- On July 10, Great Wall Motor (GWM) released its financial performance forecast for the first half of 2024. The report reveals a projected net profit attributable to shareholders ranging from 6.5 billion yuan to 7.3 billion yuan. This marks an increase of 5.14 billion yuan to 5.94 billion yuan compared to the same period last year, reflecting a year-on-year surge of 377.49% to 436.26%.

Additionally, the company expects its net profit, excluding non-recurring items, to be between 5 billion yuan and 6 billion yuan, skyrocketing 567.13% to 700.56% year on year.

New-generation Haval H6; photo credit: Haval

According to GWM's previous annual report, the company achieved a net profit of 7.008 billion yuan attributable to shareholders for the entire year of 2023. This implies that GWM is on track to match last year's annual net profit within the first half of 2024 alone.

GWM attributed its robust performance to its commitment to high-quality development and exceptional product experience. The company's efforts have led to significant growth in overseas sales and an optimized domestic product structure, resulting in a substantial increase in net profit.

In terms of overseas sales, GWM's June production and sales report indicates that the company sold 38,104 vehicles overseas in June alone, with a cumulative total of 201,500 units sold from January to June this year, representing a 62.59% year-on-year hike.

This year, GWM has notably accelerated its global expansion. During the Auto China 2024 held in April this year, the company unveiled its "New Four Modernizations" global strategy: localized production capacity, localized operations, cross-cultural branding, and secure supply chains. GWM also announced increased investment in overseas markets, aiming to support global expansion under the GWM brand. The company plans to fully integrate R&D, production, supply, sales, and services internationally. By 2030, GWM aims to achieve over one-million-vehicle overseas sales annually, with high-end models accounting for more than one-third of these sales.

Currently, GWM has exported vehicles to over 170 countries and regions, with more than 1,000 overseas sales channels.

Regarding product structure, GWM recorded a total sales volume of 559,669 vehicles in the first half of 2024, a 7.79% year-on-year increase. While sales of Great Wall Pick-up and the Ora brand declined, sales of the Haval and WEY brands saw slight year-on-year increases of 2.42% and 9.46%, respectively. Notably, sales of GWM models priced above 200,000 yuan reached 140,533 units in the Jan.-Jun. period, surging 64.28% from the previous year.