Manufacturing News

Great Wall reports 52% net profit growth on improved product profitability

Great Wall Motor Co., China’s largest light-truck maker, said net first-half profit surged 52 percent to nearly 3.7 billion yuan ($552 million) behind a more profitable product mix.

Revenue advanced 18 percent to nearly 48.7 billion yuan.

Great Wall attributed the strong financial results to an optimized product lineup, which resulted in higher profit margins.

In the first six months, Great Wall sales increased 2.3 percent year on year to around 471,500.

Deliveries at Great Wall’s newly created premium brand Wey reached 76,574 in the first six months of the year.

Great Wall has launched sales of three models under the Wey brand -- the VV5 and VV7 compact crossovers and the P8 SUV.

Starting prices of the three Wey-badged products vary from 150,000 yuan to 259,800 yuan, considerably higher than the crossovers and SUVs the company markets under the Haval brand and pickups it distributes under the Wingle brand.

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

Last week, it signed an agreement with BMW Group to establish a 5.1 billion-yuan joint venture to produce electric vehicles in the east China city of Zhangjiagang. The partnership is expected to launch its first product in 2021.

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