Declining sales drag down Great Wall Motor's Q3 net profit by nearly 8%, with a slight revenue increase of 2.61% | Financial Report Insights

In the third quarter, Great Wall Motor's overall sales volume declined, while sales of new energy vehicles, models priced above 200,000 RMB, and overseas markets increased. Revenue saw a slight year-on-year growth, but net profit dropped by nearly 8%.

On Friday, October 25th, Great Wall Motor released its third-quarter financial report:

Key Financial Data:

• Total revenue in the third quarter: 50.825 billion RMB, a year-on-year increase of 2.61%; Total revenue for the first three quarters was 142.254 billion RMB, a year-on-year increase of 19.04%.
• Net profit in the third quarter: 3.35 billion RMB, a year-on-year decrease of 7.82%; Net profit for the first three quarters was 10.428 billion RMB, a year-on-year increase of 108.78%.
• Earnings per share in the third quarter: 0.39 RMB, a year-on-year decrease of 7.14%; Earnings per share for the first three quarters was 1.23 RMB, a year-on-year increase of 108.47%.
• Net profit excluding non-recurring gains and losses: 2.722 billion RMB, a year-on-year decrease of 10.98%.
• Total assets as of the end of the third quarter: 204.371 billion RMB, compared to 201.270 billion RMB at the end of 2023.

Today, Great Wall Motor's Hong Kong-listed shares rose by 4.66% to 14.38 HKD per share, with a market value of 121.93 billion HKD.

Great Wall Motor: Strong Growth in Sales of New Energy Vehicles and Overseas Markets

As one of the first Chinese automotive companies to go global, Great Wall Motor's sales network covers the globe, exporting to over 170 countries and regions. Its overseas sales areas include the Eurasian region, Thailand, Brazil, Australia, Saudi Arabia, South Africa, Chile, Ecuador, as well as core city business districts in various countries and regions in Europe. The company has 1,000 overseas channels and has sold a total of 1.4 million vehicles.

In September, Great Wall Motor sold 108,400 vehicles, a year-on-year decrease of 10.88%, with overseas sales reaching a record high of 44,100 vehicles and new energy vehicle sales of 30,100 vehicles.

From January to September, Great Wall Motor sold 853,800 vehicles, a year-on-year decrease of 1.18%. Overseas sales reached 324,200 vehicles, a year-on-year increase of 53.16%, surpassing the full-year overseas sales target for 2023. New energy vehicle sales reached 211,500 vehicles, a year-on-year increase of 24.15%