Great Wall Motor scores 419.99% YoY spike in H1 2024 net profit

Shanghai (Gasgoo)- On August 29, Great Wall Motor released its financial report for the first half of 2024 (H1 2024), revealing impressive growth figures.

In the reporting period, the company achieved revenue of 91.429 billion yuan, marking a 30.67% year-over-year jump. Its net profit attributable to shareholders surged 419.99% from the previous year to 7.079 billion yuan. Excluding non-recurring gains and losses, the net profit attributable to shareholders stood at 5.651 billion yuan, a tremendous year-on-year spike of 654.04%. Besides, gross profit reached 18.962 billion yuan, soaring 60.82% from the previous year. The average revenue per vehicle rose to 164,800 yuan, an increase of 29,900 yuan year-over-year, while net profit per vehicle climbed to 12,800 yuan, an increase of 10,100 yuan over the year-ago period. Gross profit per vehicle also rose significantly to 34,200 yuan, a 50.37% year-on-year spike.

Great Wall Motor attributed the strong profit growth to the rising overseas sales and further optimization of its domestic product portfolio during the reporting period.

In terms of vehicle sales, Great Wall Motor sold a total of 554,856 vehicles in the first half of 2024, representing a year-over-year increase of 6.95%. Its overseas sales were particularly robust, with 199,847 units sold, reflecting a 62.09% year-on-year surge. Sales of new energy vehicles (NEVs) also saw substantial growth, reaching 129,755 units, shooting up 44.89% from the previous year.

Regarding its overseas market expansion, the company stated its focus on the "new four modernizations" strategy, which emphasizes localized production capacity, localized operations, cross-cultural branding, and supply chain security. Great Wall Motor is actively expanding its research, production, supply, sales, and service capabilities globally, with the aim of surpassing one-million-unit overseas sales by 2030.

In terms of production layout overseas, Great Wall Motor has established three vehicle manufacturing bases in Southeast Asia, Eurasia, and Central and South America. The company has also expanded its global production network through joint ventures, acquisitions, and the establishment of KD assembly plants in various locations.