Great Wall first-half profit rises 19% on robust SUV demand
Great Wall Motor Co., China's largest SUV maker, said its profit in the first half of the year rose 19 percent from a year earlier to 4.7 billion yuan ($734 million) on robust SUV deliveries.
For the first six months, the company's vehicle sales increased 23 percent from a year earlier to 423,393. Revenue jumped 30 percent to 37 billion yuan during the period.
The company received a big boost from its SUV lineup; in the first six months, Great Wall delivered 340,777 SUVs, up 52 percent year on year.
Over the past two years, Great Wall streamlined its sedan and pickup models to focus on SUV products. As a result, its sedan sales slumped 48 percent to 27,990 vehicles while its pickup deliveries dropped 18 percent to 54,626 units.
To date, Great Wall only produces gasoline- and diesel-powered vehicles. To gain a foothold on China's fast expanding green vehicle market, it announced a plan last month to invest up to 16.8 billion yuan ($2.7 billion) to develop hybrid powered vehicles, EVs and connected cars.
Great Wall, headquartered in Baoding of north China's Hebei province, is listed on the stock markets in Hong Kong and Shanghai.
The company received a big boost from its SUV lineup; in the first six months, Great Wall delivered 340,777 SUVs, up 52 percent year on year.
Over the past two years, Great Wall streamlined its sedan and pickup models to focus on SUV products. As a result, its sedan sales slumped 48 percent to 27,990 vehicles while its pickup deliveries dropped 18 percent to 54,626 units.
To date, Great Wall only produces gasoline- and diesel-powered vehicles. To gain a foothold on China's fast expanding green vehicle market, it announced a plan last month to invest up to 16.8 billion yuan ($2.7 billion) to develop hybrid powered vehicles, EVs and connected cars.
Great Wall, headquartered in Baoding of north China's Hebei province, is listed on the stock markets in Hong Kong and Shanghai.
