Great Wall Motor (GWM) reported its 2024 financial results on March 28, showing a significant increase in annual revenue to 202.195 billion yuan, up 16.73% year-on-year. The company’s net profit attributable to shareholders also saw a substantial surge of 80.76% to 12.692 billion yuan in 2024. Excluding non-recurring items, GWM’s net profit soared 101.4% year on year to around 9.735 billion yuan, with a gross margin of 19.51%, up 1.36 percentage points from the previous year.
GWM credited its strong performance growth to both its core business and non-operating gains. The company emphasized its dedication to high-quality development, product excellence, and an optimized domestic product structure as key factors driving its profit growth.
Sales data revealed that GWM’s revenue growth was primarily fueled by overseas markets. The automaker sold a total of 1.2345 million vehicles in 2024, with overseas sales experiencing a significant increase of 44.61% year-on-year to 454,100 units. In contrast, domestic sales declined by 14.8% to 780,400 units. New energy vehicle (NEV) sales also showed growth, jumping 25.65% to 322,200 units compared to the previous year.
Looking ahead to 2025, GWM is focused on accelerating its transition to smart new energy vehicle technology and expanding globally. The company plans to tailor its NEV product lineup to different regional markets and policies, with a goal of surpassing annual overseas sales of 1 million units by 2030.
With a strong financial performance in 2024 and ambitious plans for the future, Great Wall Motor is poised for continued success in the automotive industry.
