Great Wall Motors 3Q 2020 Revenue up by 23.6% YoY

Automotive Author: Qasim Khan Editor: Luke Sheehan Oct 27, 2020 09:45 AM (GMT+8)

China's largest sport utility vehicle and pick-up truck producer saw both its revenue and net profit increase in the third quarter of 2020.

GWM's sub brand WEY. Image credit: Great Wall Motors

The auto-maker’s 3Q 2020 financial report, released on October 23, showed that the company's total operating income was CNY 26.21 billion, a year-on-year increase of 23.6%. In contrast, the net profit attributable to the parent company was CNY 1.44 billion, an increase of 2.9% year-on-year. 

According to the announcement, the operating income in 3Q 2020 was CNY 62.143 billion, a year-on-year increase of 1.05%; the net profit was CNY 2.587 billion, up 11.32% year-on-year. 

Talking about sales volume, the firm sold 286,000 vehicles in the third quarter, a year-on-year increase of 23.9%; cumulative sales in the first three quarters were 680,600 vehicles, a year-on-year decline of 6%. 

In transforming into a global technology travel company, Great Wall Motors continues to increase its R&D investment. According to the announcement, from January to September this year, the firm's R&D expenses were CNY 1.895 billion, a year-on-year increase of 28.5%; R&D expenses in the third quarter of this year were CNY 674 million, a year-on-year increase of 21.3% compared to CNY 556 million in the same period last year. 

It is worth noting that the share price and market value of Great Wall Motors have risen sharply since the second half of the year. The stock price hit a record high of CNY 25.7/share in intraday trading on October 21, an increase of more than 230% from CNY 7.72/share on June 30. At present, the company is valued at a staggering CNY 228.94 billion.