Its net profit has declined for three consecutive quarters
Great Wall gun cross country pickup Everest Edition
Chinese private carmaker Great Wall Motor (601633:SH; 2333: HK), or GWM, documented a revenue of CNY 33.6 billion (USD 5.2 billion) in its Q1 2022 financial report, up 8% YoY.
This Hebei province-based China’s largest SUV maker netted CNY 1.6 (USD 246 million) profit in the reporting period.
Referring to the update on the supply chain crunch, the company claimed its production has been affected by lacking components caused by part of its supplier shutting their plants.
In the first quarter of 2022, the share of models built by GWM based on three sub-brands named Lemon, Tank and Coffee has reached 70.4% and the sales of smart vehicle account for 84.5% of its total sales. The average selling price per vehicle reached CNY 119,000 (USD 18,307) in Q1, up 29% YoY.
Specifically, the Tank lineup has delivered over 100,000 vehicles cumulatively. Its NEV brand Ora sold 19,460 cars in Q1, increasing 290% YoY. The other segment Wey saw its Latte DHT sales top 2,576 units, elevating 8% quarter on quarter.
GWM's self-driving subsidiary, HAOMO.AI, has tested assistant driving on roads of seven million kilometers. The monthly subscription of HPilot grew 200% YoY. In addition, this AI startup will soon roll out a new city navigation system, NOH.
In terms of overseas expansion, GWM topped the Pickup Truck sales list in Chile in this March, according to the country's national auto association. Furthermore, the the cumulative sales of JOLION models in South Africa exceeded 8,000 units as of March 2022.