Great Wall Motors’ net profit declined by 15.06% last year

On March 29, Great Wall Motor Co., Ltd. (referred to as “Great Wall Motors”) released its full-year performance report for 2023.

The financial report shows that in 2023, Great Wall Motors achieved operating revenue of 173.212 billion yuan, a year-on-year increase of 26.12%; the net profit attributable to shareholders of the listed company was 7.022 billion yuan, a year-on-year decrease of 15.06%; the sales gross profit margin was 18.73%, a year-on-year decrease of 0.64 percentage points.

It is worth noting that Great Wall Motors, which has always focused on research and development, saw a rare decline in R&D expenses in 2023. During the reporting period, Great Wall Motors’ total R&D investment decreased by 9.41% year-on-year; the proportion of R&D expenses in operating revenue was 6.37%, a year-on-year decrease of 2.50 percentage points.

In the released full-year performance report for 2023, Great Wall Motors disclosed the current production capacity. Currently, Great Wall Motors has 8 factories in Baoding (including Xushui complete vehicle factory), Tianjin, Chongqing, Taizhou, Pinghu, Rizhao, Jingmen, and Russia, with a capacity utilization rate of 81.02%.

Leave a Reply

Your email address will not be published. Required fields are marked *