Great Wall Motor boasts 2-digit YoY growth in Q3 revenue, net profit

Shanghai (Gasgoo)- Great Wall Motor ("GWM") today announced its operating income reached 37.346 billion yuan ($5.153 billion) in the third quarter of 2022 (Q3 2022 or reporting period), jumping 29.36% from the previous year.

During the reporting period, the group scored a year-on-year surge of 80.74% in its Q3 net profit attributable to shareholders, which was around 2.56 billion yuan ($353.214 million).

Haval H6 DHT-PHEV; photo credit: Great Wall Motor

For the first three quarters of this year (Q1-Q3 2022), GWM saw its total operating income rise 9.56% over a year earlier to 99.48 billion yuan ($13.726 billion), resulting in a cumulative net profit belonging to shareholders of 8.16 billion yuan ($1.126 billion, +65.03% YoY).

One of the major contributing factors to the growth in both revenue and net profit is the blooming auto sales volume. In Q1-Q3 2022, GWM sold 802,313 vehicles, including 96,916 new energy vehicles (+14.31% YoY). Its overseas sales volume accumulated 111,744 units in the first nine months of the year, jumping 14.09% over the previous year.

Besides, the group said its average price per car reached 124,000 yuan ($17,110) for the Q1-Q3 period, growing 20.72% compared to the same span of 2021, indicating a further enhancement in its brand value. During this period, the vehicle models priced over 200,000 yuan ($27,600) accounted for 14.56% of the group's total auto sales.

In the first nine months of 2022, the group poured into its R&D businesses a total of 8.544 billion yuan ($1.179 billion), including capitalized and expensing R&D investments, which was mainly used to develop the high and new technologies related to new energy vehicles, auto intelligence, etc.