Great Wall’s 2021 net profit jumps on sales growth, higher vehicle prices

Net profits at Great Wall Motor Co., China’s largest domestic light-truck maker, rose 26 percent to approach 6.8 billion yuan ($1.1 billion) in 2021, according to a preliminary tally the company disclosed this week.

The company cited sharp increases in vehicle sales and prices for the profit growth.

Great Wall delivered some 1.28 million crossovers, SUVs, pickups and sedans in and outside China last year, a 15 percent jump from a year earlier.

The average price of its products increased 15 percent to 106,400 yuan.

As a result, revenue surged 32 percent to 136.3 billion yuan last year, Great Wall said.

In addition to China, Great Wall produces vehicles in Russia and Thailand. 

In 2021, the company sold roughly 142,793 vehicles overseas, more than doubling the tally a year earlier. 

Great Wall, based in the North China city of Baoding, is listed in Shanghai and Hong Kong.