Great Wall Motor (GWM) has recently released its financial results for the third quarter of 2024, showing a total revenue of 50.825 billion yuan, marking a 2.61% increase year-over-year. This growth is a positive sign for the company amidst a challenging automotive market.
For the first three quarters of 2024, GWM’s total revenue reached 142.254 billion yuan, representing a 19.04% increase from the previous year. This solid performance indicates that the company is on track for continued success in the coming quarters.
In terms of profitability, GWM reported a net profit attributable to shareholders of 3.35 billion yuan for Q3, a slight decrease of 7.82% from the same period last year. However, after excluding non-recurring gains and losses, the net profit for Q3 was 2.722 billion yuan, reflecting a 10.98% drop year-on-year. The company will need to closely monitor its expenses and operational efficiency to maintain profitability in the future.
GWM’s global expansion efforts have been paying off, with the company now exporting vehicles to over 170 countries. This widespread presence has helped GWM establish over 1,000 international dealerships and achieve cumulative overseas sales of 1.4 million vehicles. This global footprint positions GWM as a key player in the international automotive market.
In September 2024, GWM experienced a slight decline in sales, with 108,398 vehicles sold, down 10.88% year-over-year. However, the company saw a record high in overseas sales, reaching 44,105 vehicles, and achieved significant sales in the new energy vehicle (NEV) segment, with around 30,129 units sold. These numbers indicate a growing demand for GWM’s vehicles both domestically and internationally.
Overall, in the first nine months of 2024, GWM sold a total of 853,813 vehicles, a slight decrease of 1.18% from the previous year. Notably, overseas sales surged by 53.16%, reaching 324,244 vehicles and surpassing the company’s total overseas sales for 2023. Additionally, NEV sales showed strong growth, with 211,492 units sold, marking a 24.15% increase from the previous year.
GWM’s performance in Q3 2024 demonstrates its resilience and adaptability in the face of market challenges. With a strong global presence and a focus on innovation, GWM is well-positioned for continued success in the automotive industry.
