Great Wall Motor's net profit surges 80.76% YoY in 2024

Beijing (Gasgoo)- On March 28, Chinese automaker Great Wall Motor (GWM) released its 2024 financial results, reporting annual revenue of 202.195 billion yuan, up 16.73% year-on-year.

TANK 700; photo credit: GWM

In 2024, the company's net profit attributable to shareholders reached 12.692 billion yuan, marking a surge of 80.76% from the previous year. Meanwhile, its net profit excluding non-recurring items soared 101.4% year on year to approximately 9.735 billion yuan, with a gross margin of 19.51%, up 1.36 percentage points from a year ago.

GWM attributed its performance growth to two key factors: its core business and non-operating gains. The company stated that its commitment to high-quality development, product excellence, and optimized domestic product structure contributed to the strong profit growth.

Sales data indicate that GWM's revenue growth was primarily driven by overseas markets. The automaker sold a total of 1.2345 million vehicles in 2024, indicating a modest year-on-year rise of 0.37%. Notably, overseas sales spiked 44.61% from the year-ago period to 454,100 units, bringing its cumulative overseas sales to over 1.8 million units. In contrast, GWM's domestic sales declined by 14.8% year-over-year to 780,400 units in the past year. New energy vehicle (NEV) sales jumped 25.65% from that of the previous year to 322,200 units.

Looking ahead to 2025, GWM aims to accelerate its transition to smart new energy vehicle technology and enhance its global expansion. The company will focus on exports, tailoring its NEV product lineup to different regional markets and policies. By 2030, GWM targets annual overseas sales exceeding 1 million units.