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Great Wall Motors' net profit surges in Q2

chinadaily.com.cn | Updated: 2020-08-31 13:54
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A VV6 model from Great Wall Motors is shown at the CES Asia show in Shanghai. [Photo by Li Fusheng/China Daily]

China's largest pickup and SUV maker Great Wall Motors saw its net profit reach 1.79 billion yuan ($262 million) from April to June, up 137 percent from the same period of 2019, according to the financial statement it released late on Friday.

The company's operating revenue in the second quarter totaled 23.51 billion yuan, up 25.4 percent year-on-year. Its total operating revenue in the first half of 2020 stood at 35.93 billion yuan, down 13.17 percent.

That was primarily the result of the coronavirus pandemic, said the carmaker in its financial statement.

"The already weak demand coupled with the pandemic caused a great impact on the global vehicle market," said the company.

In the first three months of this year, Great Wall Motors delivered 150,332 vehicles, a 47.04 percent slump. The second quarter saw its business recover, with deliveries totaling 249,445 from April to June.

In the first half of 2020, the company's sales totaled 399,777, down 13.14 percent from the same period last year. Haval-branded vehicles contributed the lion's share. Their sales totaled 262,000, over 65 percent of the company's total deliveries.

Great Wall Motors said the industry is undergoing revolutionary changes and volume international brands and startups are making it harder for traditional Chinese carmakers to survive.

Analysts say that is the reason why the carmaker is preparing to grow into a global technology company.

Great Wall Motors said it is planning to commercialize Level 3 autonomous driving in 2021. Level 2 functions are currently available in its vehicles.

The carmaker is also expected to launch several new models in the second half of this year which are built on its new platforms. The platforms, unveiled in July when Great Wall Motors celebrated its 30th anniversary, cost it 20 billion yuan and took five years to develop, said the company.

Great Wall Motors is stepping up its overseas business. It now has research and development facilities in seven countries and manufacturing plants in four countries including Russia, Thailand and India.

In the first half of 2020, it exported 26,393 vehicles, up 1.71 percent from the same period last year.

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