Great Wall Motor expects annual net profit to surge up to 85.14% in 2024

Shanghai (Gasgoo)- Great Wall Motor Company Limited ("GWM") anticipates a net profit attributable to shareholders of 12.4 billion yuan to 13 billion yuan for 2024, marking an increase of around 5.38 billion yuan to 5.98 billion yuan compared to the previous year. This represents a year-on-year surge of 76.6% to 85.14%.

Photo credit: Great Wall Motor

Excluding non-recurring gains and losses, the company expects a net profit of 9.4 billion to 10 billion yuan, an increase of roughly 4.57 billion yuan to 5.17 billion yuan compared to the prior year, representing a year-on-year spike of 94.47% to 106.88%.

The company said the substantial growth in the annual financial performance during the reporting period (Jan. 1, 2024 to Dec. 30, 2024) is attributed to GWM's commitment to high-quality development, a focus on product excellence, and enhanced customer experiences. The company achieved growth in overseas sales and further optimized its domestic product portfolio, driving a significant year-on-year increase in net profit.

Additionally, the profit excluding the impact of certain non-recurring gains and losses zoomed up due to higher government subsidies received during the period.

GWM sold a total of 1,233,292 vehicles in 2024, representing a slight year-on-year growth of 0.21%.

Of the vehicles sold last year, the new energy vehicle (NEV) sector contributed sales of 321,795 units, which jumped 22.82% from a year earlier.

In addition, GWM reported a sales volume of 453,141 vehicles for its overseas market business in 2024, showing a 43.39% leap over a year earlier.

It is noteworthy that both annual new energy vehicle and overseas sales broke historical records in 2024.