• 14.04.2024

TOP AUTO NEWS

Auto news from China

Great Wall Motors 2023 Performance Report: Achieving High-Quality Development and Intelligent New Energy Transformation

Jan 25, 2024

On January 23, Great Wall Motors Co., Ltd. released its 2023 performance report. In 2023, Great Wall Motors’ total operating income was 173.41 billion yuan, a year-on-year increase of 26.26%; the non-net profit attributable to the mother was 4.682 billion yuan, a year-on-year increase of 4.58%.

Great Wall Motors 2023 Performance Report: Achieving High-Quality Development and Intelligent New Energy Transformation

It is worth mentioning that Great Wall Motors has achieved high-quality development through long-termism, with average per vehicle income and total assets showing a quarterly increase. In 2023, the average per vehicle income of Great Wall Motors was 140,900 yuan (19860$), an increase of 12,300 yuan (1730$) compared to the previous year. In the first, second, third, and fourth quarters of 2023, the average per vehicle income was 132,000 yuan (18600$), 136,800 yuan (19280$), 143,600 yuan (20240$), and 147,000 yuan (20720$), respectively. Great Wall Motors’ total assets reached 201.93 billion yuan in 2023, an increase of 8.94% compared to the previous year, with first, second, third, and fourth quarter totals of 178.098 billion yuan, 184.223 billion yuan, 191.354 billion yuan, and 201.93 billion yuan, respectively. In 2023, Great Wall Motors implemented a long-termism strategy, committed to high-quality development, based on the forest ecological system, anchored in the direction of intelligent new energy development, continuously improving the product matrix, optimizing the vehicle structure, and vigorously promoting “ecological globalization” to provide excellent products and services to global users, with continued good operation and strong performance! The transformation to intelligent new energy has seen results, and the market influence of its brands has been further enhanced.

Great Wall Motors 2023 Performance Report: Achieving High-Quality Development and Intelligent New Energy Transformation

Great Wall Motors’ performance improvement is due to its strategic determination to promote high-quality development with a long-term perspective, solid progress in the transformation to intelligent new energy, continuous effectiveness, and comprehensive acceleration of overseas development.

Great Wall Motors 2023 Performance Report: Achieving High-Quality Development and Intelligent New Energy Transformation

In 2023, Great Wall Motors will rely on the forest ecological system, fully promote intelligent new energy, accelerate product structure optimization, and release 15 new energy models including Haval Xilong, Xilong MAX, Menglong, 2nd generation of Big Dog PHEV, Weipai Gaoshan, Lanshan DHT-PHEV, Ora 2023 Good Cat & Good Cat GT, 2023 Ballet Cat, Lightning Cat Night Edition, Tank 400 Hi4-T, 500 Hi4-T, and Great Wall Pickup Shanhai PHEV. The five major brands will cover all categories, achieve full-scene, full-category coverage, and continue to launch popular models, showing a strong growth trend. Meanwhile, it has achieved the first place in sales in the off-road new energy, box SUV, and pickup segments!

Great Wall Motors 2023 Performance Report: Achieving High-Quality Development and Intelligent New Energy Transformation

In 2023, Great Wall Motors sold a total of 1,230,704 vehicles from January to December, a 15.29% year-on-year increase. Among them, overseas sales reached 316,018 vehicles, an 82.48% year-on-year increase, reaching a historical high! With more successful global strategy models going abroad, Great Wall Motors’ overseas sales have now exceeded 1.4 million vehicles. In 2023, the sales of new energy vehicles doubled, with a total of 262,003 vehicles sold, a 98.74% year-on-year increase, showing strong momentum and bright spots.

Great Wall Motors 2023 Performance Report: Achieving High-Quality Development and Intelligent New Energy Transformation

With the full force of intelligent new energy, the influence of Great Wall Motors’ brands is growing day by day. In 2023, Haval brand’s sales reached 715,188 units, a year-on-year increase of 16.00%; among them, Haval new energy sales for the whole year reached 77,461 units, a staggering increase of 648.56% year-on-year. Wei brand’s cumulative sales in 2023 reached 41,602 units, a year-on-year increase of 14.35%. Wei brand, with Blue Mountain + High Mountain forming the “Big Six/Seven-seater Flagship”, continues to strengthen the brand image and value perception of high-end intelligent new energy vehicles in the 300,000-level, winning the trust of a large number of family users, and practicing the brand proposition of “The journey to beauty begins with Wei” in action. Tank’s cumulative sales in 2023 reached 162,539 units, a year-on-year increase of 31.21%, among which the Tank Hi4-T model’s cumulative sales reached 33,993 units, becoming the first choice for new energy off-road vehicle users. Ora’s “ALL IN Women’s Track” achieved cumulative sales of 108,518 units in 2023, a year-on-year increase of 4.35%. Great Wall Pickup’s cumulative sales in 2023 reached 202,330 units, a year-on-year increase of 8.46%, maintaining its position as the top-selling pickup for 26 consecutive years, with a domestic terminal market share of nearly 50%.

Great Wall Motors 2023 Performance Report: Achieving High-Quality Development and Intelligent New Energy Transformation

Long-term car sales have steadily increased, with high-value models accounting for 18.34% of sales in 2023, up 3.07 percentage points from the previous year.

Great Wall Motors 2023 Performance Report: Achieving High-Quality Development and Intelligent New Energy Transformation

In 2024, Great Wall Motors will launch a new journey with the Wei brand Gaoshan Executive Extended Edition, Tank 700 Hi4-T, the all-new Haval H9, and more new energy vehicle products, continuing to promote the intelligent new energy transformation. Grasping global opportunities with high-quality development, “ecological expansion” takes another step forward. In 2023, Great Wall Motors, relying on years of continuous, high-quality research and innovation in the field of electric and intelligent vehicles, launched the world’s first intelligent four-wheel drive hybrid technology – the Great Wall Hi4, to kick off a new journey to win the intelligent new energy battle with plenty of practical content. Currently, the Great Wall Hi4 has been installed in models of brands such as Haval, Wei, Tank, and Great Wall Cannon, marking the beginning of the era of electric four-wheel drive for the masses. In the past year, Great Wall Motors has solidly promoted ecological expansion and achieved the first-ever overseas annual sales volume of over 300,000 vehicles. Currently, all five major brands under Great Wall Motors have gone overseas, covering a variety of high-value intelligent new energy products such as Haval H6 new energy, Tank 500 new energy, Ora Good Cat, and Wei brand Mocha PHEV. Great Wall Motors is meeting the needs of more markets through a path of overseas expansion with multiple categories and power combinations, winning the trust of global users with strong brand and manufacturing capabilities.

Great Wall Motors 2023 Performance Report: Achieving High-Quality Development and Intelligent New Energy Transformation

In 2023, Great Wall Motors held a global investors’ conference, presenting the system advantage of overseas full industry chain layout and redefining the new standard for the successful overseas expansion of Chinese automotive brands. Great Wall Motors’ globally leading intelligent new energy product technology strength has been highly recognized by over 300 overseas dealers and investors from 32 countries and regions. To further expand the overseas market, in 2023 Great Wall Motors accelerated the layout of overseas localized production, promoting the signing and production of the Pakistan KD factory, Ecuador KD factory, and the new project of the Malaysia KD factory. In markets such as Uzbekistan, Great Wall Motors, in collaboration with partners, actively promotes localized production, opening up a new path for overseas expansion of “vehicle manufacturing + supply chain system”.

Great Wall Motors 2023 Performance Report: Achieving High-Quality Development and Intelligent New Energy Transformation

From achieving a revenue of over 173.4 billion yuan to continuously increasing the proportion of high-value vehicle models, Great Wall Motors has reached new heights of high-quality development in 2023. In 2024, standing at a brand new starting line, Great Wall Motors will once again set sail with a long-term strategic mindset, launching a new charge towards new goals, committed to providing customers with better products and services, and contributing greater value to the global automotive industry.