- In an updated preliminary earnings statement to the Shanghai Stock Exchange, Great Wall Motor (601633.SS/2333.HK) said it expects its net profit for 2016 to increase 30.87% from 2015 to RMB 10.55 billion.
- Revenue is estimated at RMB 98.62 billion, increasing 29.7% compared to 2015.
- Great Wall Motor also reported that the company sold 91,233 cars in January 2017, up 0.71% compared with January 2016.
Why It Matters:
- Great Wall Motor attributes the increase in net profit to an increase in car sales, especially an increase in the percentage of higher-priced SUV cars sold.
- In 2016, Great Wall Motor sold a total of 1.075 million complete cars. It was the first time the company has sold more than 1 million complete cars in one year. Among the 1.075 million cars sold, 938,000 cars were Haval SUV models, accounting for 87% of the total number of complete cars sold.
- Previously, Great Wall Motor revealed a sales target of 1.25 million cars for 2017.