On April 25, at the 2024 (18th) Beijing International Automobile Exhibition, Great Wall Motor (601633. SH) (02333.HK) (82333.HK) With years of R&D background and technical strength, it made its debut with more than 20 blockbuster models, fully demonstrating Great Wall Motor's core technology advantages and market leading position in intelligence, off-road, globalization and other aspects, and became one of the hottest booths of the day.
Also "hot" is the performance of Great Wall Motors. Not long ago, Great Wall Motor released its first quarter report for 2024. In the first quarter of 2024, Great Wall Motor's operating income was 42.860 billion yuan, a year-on-year increase of 47.60%, the best in the same period in history.
In the current competitive situation of many car companies in the market, the net profit attributable to the parent company reached 3.228 billion yuan in the first quarter, a year-on-year increase of 1,752.55%. Great Wall Motor's firm long-termism and potential energy are being released.
New energy sales and overseas sales are soaring
Great Wall Motor continues to optimize its product structure. In the first quarter of 2024, Great Wall Motor sold 275,300 new vehicles, a year-on-year increase of 25.11%. Among them, the sales volume of new energy vehicles was 59,200 units, a year-on-year increase of 112.82%, and the overseas sales volume reached 92,800 units, a year-on-year increase of 78.51%.
The development direction of Great Wall Motors is very clear, that is, new energy, intelligence, and globalization, and at the same time, it continues to consolidate its leading position in the hard-core off-road market, off-road new energy market, and pickup truck market, and maintains half of the sales volume in the core market.
Since the beginning of this year, Great Wall Motor's Haval, WEY brand, tank, Ora and Great Wall pickup trucks have ushered in a variety of product renovations, achieving full scene and full category coverage. The popularization of "Great Wall Hi4" new energy technology has accelerated, and the first limited edition of the Tank 700 Hi4-T has been officially delivered, and the brand value of Great Wall Motors has been continuously improved.
In the second three quarters of 2024, with the increase in sales of Great Wall Motor's high-end models and the further popularization of "Great Wall Hi4" new energy technology, the leading edge of Great Wall Motor's five major brands in the core category market will be further expanded.
Facing the global market, Great Wall Motors focuses on the "ONE GWM" brand strategy, accelerates the "ecological going overseas", the global product matrix is increasingly rich, the sales of high-end products and new energy products are increasing, the WEY brand Gaoshan enters the Dubai market, the tank SUV is intensively listed around the world, and the Ora Good Cat realizes localized production in Thailand.
Firm long-term approach R&D expenses have increased significantly
Great Wall Motors has an unwritten slogan - "excessive investment in research and development". Wei Jianjun, chairman of Great Wall Motors, explained that over-investment in R&D is not a waste, but a longer-term investment.
In the first quarter of 2024, Great Wall Motor's R&D expenses reached 1.960 billion yuan, a year-on-year increase of 27.73%. Great Wall Motors is deeply engaged in core technologies, making simultaneous advances in hybrid, pure electric, and hydrogen energy, and comprehensively advancing in intelligent cockpit and intelligent driving, and ranking among the first echelon in the industry in terms of intelligence.
At this stage, a large number of car companies have begun to "cut back on food and clothing", while Great Wall Motors is still firmly committed to long-termism and increased R&D investment. Great Wall Motors has made many simultaneous advances in hybrid, pure electric, hydrogen energy, etc., and has advanced in intelligent cockpit and intelligent driving, and its intelligent level has ranked among the first echelon of the industry. Great Wall Motor's full-scene NOA demonstrates its technical strength in the field of intelligence, and the WEY brand Blue Mountain Intelligent Driving Edition, which was officially unveiled at the 2024 Beijing Auto Show, is worth looking forward to by users.
In the future, Great Wall Motor will adhere to category innovation, technological innovation and service innovation to build stronger global market competitiveness.