Great Wall Motor’s first half gross revenue drops 13.17% from a year earlier

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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.

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(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.

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(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 “Lemon (Ningmeng, in Chinese)”, “Tank” and “Café Intelligence”.

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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