Great Wall Motor Projects Significant Increase in Net Profit for H1 2024
Great Wall Motor (GWM) recently announced its financial performance forecast for the first half of 2024, projecting a net profit attributable to shareholders between 6.5 billion yuan to 7.3 billion yuan. This represents a substantial increase compared to the same period last year, with a year-on-year surge of 377.49% to 436.26%.
The company also anticipates its net profit, excluding non-recurring items, to range from 5 billion yuan to 6 billion yuan, marking a significant year-on-year increase of 567.13% to 700.56%.
New-generation Haval H6; photo credit: Haval
Great Wall Motor’s strong performance is attributed to its focus on high-quality development and exceptional product experience. The company’s dedication has led to a surge in overseas sales and an optimized domestic product structure, resulting in a significant increase in net profit.
In terms of overseas sales, GWM reported selling 38,104 vehicles overseas in June alone, with a total of 201,500 units sold from January to June 2024, reflecting a 62.59% year-on-year increase.
As part of its global expansion strategy, GWM unveiled the “New Four Modernizations” plan during Auto China 2024, emphasizing localized production capacity, operations, cross-cultural branding, and secure supply chains. The company plans to increase investment in overseas markets to support global expansion under the GWM brand, aiming for over one-million-vehicle overseas sales annually by 2030.
Currently, GWM exports vehicles to over 170 countries and regions through more than 1,000 overseas sales channels.
On the product front, 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 increases. Notably, sales of GWM models priced above 200,000 yuan surged by 64.28% from the previous year.
