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Great Wall Motor, China's largest pickup truck manufacturer, has reported a significant increase in sales and profits for the year 2020. The company's sales soared by 79%, reaching 22.2 billion yuan, and unit sales increased by 73% to 363,482 vehicles.
The boost in sales can be attributed to government subsidies and tax cuts in China, the world's largest auto market. The company's net income also saw a substantial rise, reaching 2.7 billion yuan ($411 million), more than double the 1.02 billion yuan in 2009. The net income per share was 0.99 yuan in 2020, compared to 0.37 yuan in 2009.
The success of Great Wall Motor can also be seen in its expanding product lineup. The company plans to spend 3 billion yuan over the next five years to develop more than 30 new models. Some of these new models include the second-gen Haval H9 Warrior Edition, set to launch on August 26 in China, and the Wey Gaoshan 7 PHEV minivan, available for pre-sale on September 10 and debuting at the Chengdu Auto Show.
The new Tank 500 off-road SUV from Great Wall Motor is another addition to the company's lineup. The SUV, available starting at 46,800 USD, comes in both PHEV and ICE versions.
Alice Leung, deputy head of research at ICBC International Research Ltd, stated prior to the announcement that sport utility vehicles have been selling well at Great Wall Motor, outperforming the market. General Manager Wang Fengying also urged the government to give financial support to auto exporters to offset a rising yuan that is making them less competitive.
In an effort to further expand its presence, Great Wall Motor plans to sell 60,000 vehicles overseas this year. The company has also proposed a final dividend of 0.2 yuan per share.
However, the name of the female head of Great Wall Motor who suggested that government agencies should buy more local cars to boost confidence in local brands and provide financial support for auto exporters could not be found in the available search results.
Great Wall Motor's existing lineup includes the Voleex C30 cars and Wingle pickups. The company is also set to start a 4.2 billion yuan passenger-car plant in Tianjin, increasing production capacity by 300,000 vehicles by 2025. This expansion is expected to contribute to the company's continued growth and success in the coming years.
China's vehicle sales also saw a record climb in 2020, with sales climbing 32% to 18.06 million, according to the China Association of Automobile Manufacturers. This growth is a positive sign for the auto industry in China and suggests that the market will continue to be a major player in the global auto market.
