Increase in Revenue with Decreasing Net Profit GM Motors Q3 2021The automaker has been expanding its global layout during the past quarter of 2021 and has entered the Egyptian, Bruneian and European markets. During the third quarter, Great Wall Motor announced its target of selling 1 million vehicles overseas in 2025.
The revenue of the firm increased 10.13% year-on-year to CNY 28.86 billion.
Operating income was CNY 28.86 billion, a year-on-year increase of 10.13%.
Net profit was down 1.72% year-on-year to CNY 1.41 billion.
From January to September 2021, the automaker achieved a total operating income of CNY 90.79 billion, a year-on-year increase of 46.11%, and a net profit of CNY 4.94 billion, up 91.13% year-on-year.
For the first three quarters this year, Great Wall Motor added that the company witnessed a 29.9% increase in new car sales versus the previous year to 884,000 vehicles.
From January to September, GWM sold 98,000 vehicles outside China, soaring 136.3% compared to a year ago, accounting for 11.1% of the company's total vehicle sales.
Great Wall Motor's performance in the capital market has also improved significantly. As of the close of October 29, the company's A-share stock price has reached CNY 68, an increase of 82.65% from the closing price on December 31, 2020. The market value of the firm has reached CNY 628.1 billion, ranking second among Chinese automobile companies.
