Shanghai (Gasgou) – For the first half of 2020, Great Wall Motor Company Limited (GWM) saw its gross sales fall 13.17% from a year ago to approximately 35.929 billion yuan ($ 5,236,270,381), according to its half-year financial results.
(Haval Dagou, photo source: GWM)
During the same period, its net profit attributable to shareholders decreased 24.46% year-on-year to 1.146 billion yuan ($ 167,037,236). Excluding the impact of some one-time gains and losses, such as grants received from the government, GWM’s first-half net profit fell 35.34% to 802.452 million yuan ($ 116,948,270). The company said government grants included in the program from January through June. profit and loss amounted to 331.064 million yuan ($ 48,248,743).
The decline in profits is mainly due to the impact of the COVID-19 pandemic, lower sales and increased investment in R&D, the automaker said.
(2020 Haval F5, photo source: Haval)
For the first two quarters, GWM saw its sales drop 19.95% a year ago to 395,097 units. To be precise, the combined sales of two SUV brands – Haval and WEY – fell 27.74% from the previous year to 288,855 units, and the BEV-focused ORA brand saw a drop of 65. .07% YoY with a sales volume of 9,436. Units. However, the automaker sold 96,806 pickup trucks, recording a 45% sales increase thanks to the rollout of the P-Series Pickup.
GWM also noted that its R&D spending for the first six months jumped 32.97% from the previous year to 1.22 billion yuan ($ 177,809,384) as the company stepped up investment in R&D activities during the period considered.
(Photo source: GWM)
The automaker decides to transform itself into a global developer of mobility technologies and a service provider. As part of the effort to achieve this goal, GWM launched three technology brands on July 20 called âLemon (Ningmeng, in Chinese)â, âTankâ and âCafÃ© Intelligenceâ.
The automaker announced on the spot the launch of two automotive platforms, namely the “Lemon” and the “Tank”. Involving more than 20 billion yuan ($ 2,914,772,000) in R&D investment and integrating GWM’s global resources, the two platforms are designed to produce models that target global markets.
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