Continuous improvement of system strength, Great Wall Motors accelerates globalization process

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2024/11/12 16:25:45

Continuous improvement of system strength, Great Wall Motors accelerates globalization process

Beijing, October 30 (People's Daily) -- Currently, Chinese automobile brands are following a path of high-quality development, continuously optimizing their product structure, increasing their efforts to go global, and climbing towards the high-end of the automotive industry value chain.

Recently, Great Wall Motors Co., Ltd. (hereinafter referred to as "Great Wall Motors") released its third quarter report for 2024, which showed that in the third quarter of this year, Great Wall Motors' revenue was 50.825 billion yuan, a month on month increase of 4.65%; The comprehensive gross profit margin is 20.80%, exceeding 20% for three consecutive quarters; The net profit attributable to the parent company was 3.35 billion yuan, exceeding 3 billion yuan for three consecutive quarters.

The performance in the third quarter also allowed Great Wall Motors to achieve a historic high in revenue. In the first three quarters, Great Wall Motors' revenue reached 142.254 billion yuan, a year-on-year increase of 19.04%, setting a new historical high; The net profit was 10.429 billion yuan, a year-on-year increase of 108.70%.

Industry analysis believes that healthy financial indicators are not only the driving force for automotive companies to maintain high-quality development, but also a direct reflection of their strategic layout and system building capabilities.

The report shows that Great Wall Motors sold 79100 new energy vehicle models in the third quarter, a month on month increase of 8.10%; Overseas sales of 122700 vehicles, a year-on-year increase of 39.85%; Sales of car models exceeding 200000 yuan reached 72000 units, a year-on-year increase of 8.92%. In the first three quarters, the comprehensive revenue of bicycles was 166600 yuan, an increase of 28300 yuan compared to the same period last year... Multiple indicators show that Great Wall Motors continues to focus on the intelligent new energy track, strengthen its off-road advantages, revitalize its product structure, high-quality overseas expansion, and achieve healthy and stable market share growth.


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Great Wall Motors Tank 300 opens up a new off-road category in the South African market. Respondent provided pictures

Haval promotes equal rights and inclusive technology, with global cumulative sales exceeding 9 million vehicles; Wei Pai New Energy targets the high-end new energy market and continues to focus on cutting-edge intelligent technologies in areas such as intelligent driving and smart living; Tank SUV, committed to building a high-end luxury off-road SUV brand, achieved a milestone of cumulative sales exceeding 500000 units in the third quarter; Euler continues to accelerate its overseas layout and promote the globalization 2.0 strategy; For 26 consecutive years, Great Wall pickup trucks have ranked first in sales, with a domestic terminal market share of nearly 50%... The five major brands have developed in multiple dimensions, consolidating their off-road advantages and promoting new energy intelligent technology. Great Wall Motors has continuously established its development advantages.

Mu Feng, President of Great Wall Motors, stated that the company will fully focus on the new energy sector by 2025, adhering to the strategic policy of category differentiation and innovation, and has developed clear product layout plans for different segmented markets.

The supporting role of strong product strength behind performance is obvious. It is reported that Great Wall Motors has long insisted on "excessive investment in research and development", with R&D investment exceeding 11 billion yuan in 2023, and it is expected to remain high this year. In the field of intelligent new energy, the new generation intelligent driving system Coffee Pilot Ultra and the new generation smart space system Coffee OS 3 have been highly recognized. In addition, the RISC-V automotive grade MCU chip developed by Great Wall Motors, the Zijing M100, has been successfully developed and lit up, achieving a key breakthrough in promoting the integration of software and hardware intelligence.

In addition, in terms of off-road performance research and development, Mu Feng stated that the first decoupled off-road architecture Hi4-Z integrates three major direct drive high-power power sources, a fully integrated rear axle transmission, and a large capacity battery into a high-strength frame, making it more friendly for urban driving and stronger off-road output. In the future, Hi4-Z will be applied to multiple models of tank brands.

Advancing globalization is not only the most effective way for China's automotive industry to find new growth points, but also the necessary path for the automotive industry to grow and strengthen, and enhance its international influence.

At present, Great Wall Motors has over 14 million global users and more than 1300 overseas sales channels, with cumulative overseas sales exceeding 1.7 million vehicles, and the "ecological going global" is constantly accelerating. In the field of globalization, Great Wall Motors has deepened its full power, full category, and full grade layout, and the sales of high-value models have steadily increased. In September, Great Wall Motors sold 44105 vehicles overseas, breaking the record for monthly overseas sales.

Regarding the profitability performance of the product overseas, Li Hongshuan, Secretary of the Board and CFO of Great Wall Motors, stated that the overall gross profit margin level in overseas markets is better, and the product competitiveness is relatively stronger compared to competitors. The profitability of tank and pickup truck brands is comparable both domestically and internationally, while the overseas profitability of Haval brand is better than that of domestic brands. In the future, Wei brand and Tank brand will further move towards high-end, and their profitability will also be further enhanced.

In terms of global production layout, it is reported that Great Wall Motors currently has three vehicle factories in Thailand, Brazil and other places, and multiple KD factories in Ecuador and other places. The CKD projects of Great Wall Motors in Malaysia and Indonesia have officially started production, the 10000th vehicle from the KD factory in Pakistan has been produced, the KD factory in Senegal and the CKD project in Vietnam have signed contracts, and the global production capacity is increasing day by day.

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Accelerating global production, Great Wall Motors launches CKD factory project in Vietnam. Respondent provided pictures

In the process of going global, Chinese brands face fierce competition from brands around the world, and differentiation strategies will be key. Shi Qingke, Vice President and Head of Overseas Business of Great Wall Motors, introduced that in terms of specific strategy, Great Wall Motors will optimize technological innovation, product positioning, and market structure, and add four new KD factories by 2025 to further expand its global "ecological overseas" layout.

Through this model, we can achieve production and assembly in the local market, reduce costs, and enhance market competitiveness, "said Shi Qingke.

Promoting the comprehensive overseas expansion of research, production, supply, sales, and services, forming a full power, full category, and full grade layout... Currently, Great Wall Motors is leading the way, completing the leap from product overseas to "ecological overseas", achieving high-quality and effective overseas expansion, and exploring the direction for the internationalization of China's automotive industry.


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