On the evening of August 30, Great Wall revealed its results for the first half of 2023. According to the financial report, the total revenue of Great Wall Motor in the first half of this year was 69.971 billion yuan, up 12.61 percent from the same period last year, achieving growth for three consecutive years; the net profit of returning home was 1.361 billion yuan, down 75.69 percent from the same period last year; and deducting non-net profit was 749 million yuan, down 63.60 percent from the same period last year.
To put it simply, both the net profit and deducted non-net profit of Great Wall Motor in the first half of 2023 were negative, especially the net profit. As for the 75.69% drop in net profit compared with the same period last year, Great Wall Motor said in the announcement of listed companies that the company deepened its transformation to new energy and intelligence, adjusted its product structure, and increased investment in brand and channel construction based on the launch of new products in 2023. At the same time, it persists in R & D investment in new energy and intelligence areas as well as reduced exchange rate gains.
As a traditional car company, Great Wall Automobile has transformed into new energy vehicles, and the increase in sales costs is beyond reproach. According to the financial report, the sales cost of Great Wall in the first half of the year reached 3.253 billion yuan, an increase of 46.80% over the same period last year. The increase in sales expenses was mainly due to the increase in the introduction of new energy models during the reporting period.
With the reform of the car market, the sales of Great Wall Motor also declined in 2022, with annual sales of only 1.0675 million vehicles, achieving only 56.19% of the 1.9 million sales target. After entering 2023, Great Wall Automobile launched new energy in an all-round way and carried out a series of measures, including a large-scale adjustment of the organizational structure of its entire brand, the pairwise merger of the management teams of Euler and Sharon, Wei Brand and Tank, and the implementation of dual-brand operation under their respective systems, focusing on the pure electricity market, while the Harvard brand and the Great Wall pick-up truck brand continued to operate independently. This adjustment and update means that Great Wall Motor will end the multi-brand development strategy established since 2020 and turn to a new development direction. Great Wall released its new intelligent four-wheel drive hybrid technology Hi4 on March 10, hoping to grab more new energy market share with four-wheel drive products with "two-wheel drive price". In addition, Great Wall also named the Harvard brand "Hafron", and its new energy vehicle products will be distinguished from fuel car products through independent sales channels.
Industry insiders believe that a series of adjustment measures to enter the Great Wall in 2023 are the last resort after the Great Wall is under pressure. According to official data, the cumulative sales of Great Wall cars in the first half of 2023 were 519200, up 0.14% from the same period last year, and only 32.45% of the annual sales target of 1.6 million vehicles were achieved. The cumulative sales of Harvard, pick-up trucks and tanks were 292600, 102600 and 58300 respectively, up 1.29%, 8.72% and 7.83% respectively over the same period last year. Wei Brand and Euler both fell by double digits from a year earlier, with sales of 18200 and 47300 respectively, down 17.44 per cent and 20.00 per cent respectively.
For most car brands, the continuous launch of new cars to stimulate the end market is one of the most effective ways to boost sales, as does Great Wall Motor. In the first half of the year, the brands of Great Wall successively launched a number of new products, including Wei Brand Blue Mountain, Harvard owl Dragon, owl Dragon MAX and other new products, and the listing of new cars has also brought good results for the sales of Great Wall Motor. Since April, Great Wall car sales have rebounded, and the Harvard brand and Wei Brand have returned to growth under the layout of new products.
Take Wei Brand as an example, since the listing of Blue Mountain, the sales volume of Wei Brand has increased significantly. Data show that from May to June this year, Wei brand sales were 5770 and 6602 respectively, an increase of 128.97% and 128.68% respectively over the same period last year, mainly from Blue Mountain, where Wei Brand was newly listed. As a big six Blue Mountain DHT-PHEV priced at about 300000, the car successfully stopped the decline in sales of Wei brand after its launch. Blue Mountain DHT-PHEV sales in May and June were 5136 and 5506, respectively, according to the Federation of passengers. To some extent, this also shows that Blue Mountain has won the recognition of consumers, but due to the impact of sales in the first quarter, sales in the first half of this year were only 18200, down 17.44 per cent from the same period a year earlier.
According to Great Wall's sales target of 1.6 million vehicles for 2023, the completion rate of Great Wall in the first half of the year is only 32.45%, and Great Wall's goal of achieving 1.6 million vehicles is still a bit "aggressive".
At present, Great Wall Motor's share in the fuel vehicle market is shrinking, and new energy products are not yet fully capable of taking the lead. It is clear that Great Wall Motor urgently needs to launch more products that can be recognized by consumers, which also means that Great Wall Motor, which flourished in the fuel truck era, needs to make more changes.
According to the plan, Great Wall Motor will focus on new energy vehicles this year, and more than 10 new energy vehicles are expected to be launched this year, and the penetration rate of new energy vehicles will reach 40% to 45%. Li Ruifeng, CGO of Great Wall Motor, said in an interview earlier: "for Great Wall Motor, the time for our big cycle has come, but we have not yet completed a complete transformation in the big cycle." Now we have to do a solid job in each product, to achieve popular style, from the company end to the terminal dealer landing implementation, to multi-dimensional implementation. Only after a number of products win and achieve the scale of sales, can we say that the big cycle has come. Right now, we're just getting started. "
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