16:40 - 24.01.2024

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January 24, Fineko/abc.az. China's Great Wall Motor (GWM), the largest manufacturer of SUVs and pickups in the country, increased revenue by 26% in 2023, to 173.4 billion yuans ($24.2 billion), ABC.AZ informs referring to the company.

At that, GWM's net profit decreased by 15% to 7.01 billion yuans, in particular because of adverse currency fluctuations.

Sales of company's cars grew by 15.3% last year, exceeding the mark of 1.2 million vehicles. Experts, however, expected that this figure would amount to 1.6 million cars, China Securities Journal writes.

According to preliminary data from GWM, company's profit was lower in the 4th quarter than in the 3rd, which is mainly linked with the cost of paying annual bonuses.

The company's shares fell by 4% following the trading in Hong Kong on Wednesday. Over the past 12 months, their cost decreased by 21%.