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Eautoexport September 1, 2023
Net Profit Soars by 580% Quarter-on-Quarter: How Did Great Wall Motors Achieve a Spectacular Turnaround in Q2?

Great Wall Motors (GWM) has recently released its business performance report for the first half of 2023, showcasing remarkable growth and global expansion. Under the influence of its intelligent new energy transformation and the “ecological globalization” strategy, GWM has experienced substantial progress, maintaining its upward trajectory for the third consecutive year.

Harvard H6

Robust Growth in Q2 2023

In the second quarter of 2023, GWM’s growth momentum accelerated significantly, driving a rapid upsurge in profits, which reached ¥11.87 billion. This marks an astonishing 580% increase compared to the first quarter and an impressive 500% year-on-year growth. This strong performance in Q2 is expected to provide substantial impetus for rapid growth in the latter half of the year, demonstrating the company’s consistently improving operational outlook.

 

New Energy Vehicle Sales Surge by Over 130% in Q2

During the first half of 2023, GWM introduced a range of new energy vehicles (NEVs) that contributed to a substantial sales increase. In Q2 alone, NEV sales reached 65,000 units, representing a remarkable 130% increase compared to the previous quarter and an outstanding 131% year-on-year growth. The transformation towards new energy vehicles has been particularly effective.

GWM unveiled a series of NEV offerings in the second quarter, garnering strong market and consumer interest. The Haval Xinglong MAX, featuring the intelligent four-wheel-drive electric hybrid technology (Hi4), became a standout addition to the Haval Dragon series, igniting enthusiasm for four-wheel-drive vehicles among the general public. The Wey flagship six-seater model, Blue Mountain DHT-PHEV, continued to enjoy robust sales, setting a new benchmark in the sub-¥300,000 segment for large family SUVs. The Tank brand’s debut NEV model, Tank 500 Hi4-T, ventured into the “new energy + off-road” market and received over 10,000 orders since its launch, sustaining its popularity.

Building on the momentum of Q2, GWM is intensifying its efforts in the intelligent NEV sector. Leveraging the Hi4, Hi4-T, and China’s first high-end NEV MPV platform, GWM unveiled multiple NEV products during the Chengdu Auto Show. Pre-sales for the Haval LongDragon and Tank 400 Hi4-T were initiated, while pre-orders for the Wey HighMountain DHT-PHEV were also accepted. With new technology and products, GWM is driving its share of intelligent NEV sales upward, fostering a healthier sales structure.

38% Surge in Overseas Sales in Q2

During the first half of 2023, GWM intensified its focus on global markets, achieving a total sales volume of 123,300 units, an impressive year-on-year growth of 80.2% and a historic export high.

In Q2, GWM’s overseas performance remained strong, with export sales reaching 72,000 units, reflecting a remarkable 38% increase over the previous quarter and a remarkable 114% year-on-year growth.

Great Wall Motor press conference

GWM’s intelligent NEV products have entered global markets. In the first half of the year, models such as the Haval H6 HEV, Ora Good Cat, Tank 300, and Tank 500 were launched in multiple overseas markets, including the GCC, Latin America, ASEAN, and Australia-New Zealand.

Furthermore, GWM’s “ecological globalization” strategy is making significant strides, with the launch of its first parts center in the Middle East in the United Arab Emirates. The company also witnessed the initiation of its first hybrid flexible-fuel pickup truck project in Brazil, with the Vice President of Brazil in attendance. Additionally, a strategic cooperation agreement was signed with Uzbekistan’s ADM Automotive Factory, ensuring localized production of GWM’s products.

GWM is rapidly expanding its overseas dealership network, establishing strategic partnerships with groups such as Vietnam’s Thanh Cong Group, Singapore’s Cycle & Carriage Group, and the UK’s Inchcape Group during the first half of the year. During the Shanghai Auto Show, GWM established partnerships with dozens of new international dealers, accelerating its global sales network expansion, and providing smarter and cleaner products to overseas consumers.

In the first half of 2023, GWM made significant strides, positioning itself for continued growth in the latter half of the year. As it embraces its Q2 development momentum, GWM is set to further accelerate its intelligent new energy transformation, deepen its “ecological globalization” strategy, and demonstrate even greater growth potential in the coming months.

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