Automotive News   |   Automotive News Europe   |   Autoweek   |   Automobilwoche

Automotive News China Newsletter
Register our free newsletter, sent each Monday and Thursday

     Automakers   Suppliers   Auto Show   Comment   Car Cutaway   Newsletters   Press Releases   Register for Newsletter
  Contact Us:   Editorial   Advertising   Subscription Information   |   About Us   Media Kit
Home >> Automaker Email this story   Print this story
Great Wall posts record sales drop as market stalls
Reuters | 2018/10/30

BEIJING -- Great Wall Motor Co. reported a record quarterly sales decline and sharply lower profit amid a sharp slowdown in China¡¯s auto market that has spooked automakers and dealers alike.
Great Wall's revenue plunged in the July-September period by close to 20 percent, its steepest-ever quarterly drop, while net profit during the period fell 50 percent, the carmaker said in a filing to the Shanghai stock exchange.
The result underscores how once red-hot sales of crossovers and SUVs are cooling as consumers in China's smaller cities -- a key battleground for Great Wall -- rein in spending on once popular models such as the company¡¯s Haval 6.
Great Wall, which plans a joint venture in China with BMW to build electric versions of the Mini, said profit reached 231 million yuan ($33.26 million) in July-September, versus 460 million yuan in the same period last year.
Revenue in the quarter dropped 19 percent to 18 billion yuan from 22.2 billion yuan a year earlier.
In the first nine months of the year, net profit rose 36 percent on a 5.1 percent rise in revenue.
The Baoding-based carmaker is likely to miss its full-year sales target of 1.16 million vehicles, having reached just 58 percent of the goal at the end of September. It sold 1.06 million vehicles last year.
China's overall car sales fell 11.6 percent in September, the steepest monthly decline in nearly seven years and stoking concerns of the market contracting this year for the first time in decades.

Related Stories
  • Great Wall, BYD continue growth
  •     --Published:2019/14/5
  • Great Wall to open Russian plant
  •     --Published:2019/7/5
  • Geely, Great Wall, BYD sales climb in March
  •     --Published:2019/12/4
  • Great Wall, Ford target growing Chinese demand for pickups
  •     --Published:2019/29/3
  • Chinese automakers renew drive to go global
  •     --Published:2019/15/3
  • Great Wall deliveries advance behind pickups and new crossover
  •     --Published:2019/12/3
  • Great Wall to build vehicles in east China's Taizhou city
  •     --Published:2019/26/2
  • Great Wall, BYD sales rise despite market downturn
  •     --Published:2019/22/2
  • Great Wall seeks to boost sales 14% in 2019
  •     --Published:2019/29/1
  • Geely, Great Wall to add plants in China
  •     --Published:2018/21/12
  • Great Wall to open Russian plant in March
  •     --Published:2018/11/12
  • Chinese brands seek to crack Western Europe with EVs
  •     --Published:2018/7/12
  • CEO of Great Wall's premium Wey brand resigns
  •     --Published:2018/6/11

    Our Newsletter Editions
    Automotive News China produces two email newsletters each week. You can sort your news by the articles highlighted in each of our newsletters here.

    Select your newsletter     


    Automotive News China
    Room 1303, Building 2, Lane 99, South Hongcao Road,
    Shanghai 200233
    Telephone: 86-139-1851-5816
    Fax: 86-21-6495-0895
    Home | Help Center | About Us | Privacy Policy | RSS
    Entire contents © Crain Communications, Inc.
    Use of editorial content without permission is strictly prohibited. All Rights Reserved.