China SUV Leader Great Wall’s Profit Gained 26% In 2021 Amid Auto Industry Upheaval

... [+]Rising sales helped net profit at Great Wall Motor, China’s largest home-grown SUV maker, increase by 26% in the 12 months to December, the big non-government controlled-automaker said on Sunday.

Profit rose to 6.78 billion yuan, or $1.06 billion. Operating revenue grew by 32% to 136 billion yuan, or $21 billion, the company said, citing provisional figures. Great Wall also makes pick-up trucks and sedans. Great Wall announced earlier this month that shipments increased by 15.2% to 1.28 million vehicles last year. Some 750,228 of those were Havals, its SUV model. Sales of Ora sedans, its electric vehicle centerpiece, more than doubled from a year earlier to 134,028. The company, which has factories in India, Russia and Thailand, didn’t give a breakdown between domestic and international shipments.

Great Wall’s business gained at a time when sales in China’s auto market — the world’s largest – expanded by 3.8% to 26 million units last year, according to the China Association of Automobile Manufacturers. China has emerged as an electric vehicle leader whose growth, technology and heft is shaking up the global auto business. Great Wall has emerged as one of China’s private-sector auto industry leaders around internal combustion engines, but sold almost 137,000 new energy vehicles last year, according to production data posted earlier this month. The company faces spirited competition from domestic EV-focused upstarts such as NIO, XPeng and Li Auto.

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