Manufacturing News

Great Wall's 2014 profit drops 2% on increased r&d outlays

Great Wall Motor Co., China's largest SUV maker, posted net income of 8 billion yuan ($1.3 billion) last year, a decline of 2 percent.

The company cited higher r&d outlays for the drop in profit.

"Due to increased investment on r&d, the company's expenditure growth was higher than revenue growth, which resulted in the profit decline," the company said, without providing details about the rise in r&d expenses.

Great Wall reduced sedan and pickup production last year to sharpen its focus on SUVs.

The company's sales of SUVs surged 24 percent to 519,418 vehicles in 2014 while sedan deliveries plunged 56 percent to 93,041. Pickup deliveries also dropped 7 percent to 118,313.

Great Wall's annual revenue last year rose 10 percent to 62.6 billion yuan, reflecting sales of SUVs, which are priced higher than its sedans and pickups.

The company plans to reintroduce its flagship SUV, the Haval H8 compact crossover, at the Shanghai auto show, which begins on April 20. Sales of the H8 were suspended twice last year to fix a balky transmission.

Great Wall, based in the north China city of Baoding, is listed in Hong Kong and Shanghai.

Most Viewed in 24 Hours

Special

Start a Digital Twin Journey from Engineering Simulation

Accenture releases survey of digital transformation

CIMC Reduces Unplanned Downtime by 30% with Greater Operational Insight from ThingWorx

Ansys Simulation Speeding up Autonomous Vehicles

回到顶部
  • Tel : 0086-27-87592219
  • Email : service@e-works.net.cn
  • Add: 3B1 International Business Center, No. 18 Jinronggang Road (No.4), East Lake High-tech Development Zone, Wuhan, Hubei, PRC. 430223
  • ICP Business License: 鄂B2-20030029-9
  • Copyright © e-works All Rights Reserved