Great Wall Motor posts profit decline in 2019

SHIJIAZHUANG (Xinhua) – Chinese carmaker Great Wall Motor said its net profit fell 13.6 per cent year on year in 2019 as the world’s largest auto market slowed.

The leading sport utility vehicle (SUV) and pickup maker said in its annual report that it made a net profit of CNY4.5 billion (about USD635 million) last year when its total operating revenue dropped three per cent year on year to CNY96.2 billion.

The carmaker sold 1.06 million vehicles, an annual increase of 1.4 per cent, in 2019 when auto sales in the whole country fell 8.2 per cent to 25.77 million units.

In the first quarter of 2020, Great Wall Motor reported a net loss of CNY650 million, compared to a net profit of CNY773 million a year ago, according to a separate quarterly report.

Meanwhile, its first-quarter total operating revenue fell 45.1 per cent year on year to CNY12.4 billion, mainly as vehicle sales declined amid the COVID-19 epidemic.