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Great Wall Motor’s Profit Drops 3%
China's Great Wall Motor Co. reports its net profit in the first half of 2014 dropped 3% to slightly less than 4 billion yuan ($650 million).
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China's Great Wall Motor Co. reports its net profit in the first half of 2014 dropped 3% to slightly less than 4 billion yuan ($650 million).
The company, which had warned of a 3% decline, blames "fierce" competition that shrank its vehicle sales 7% to 346,300 units in January-June.
Demand for Great Wall's SUVs climbed 21% to 225,600 units during the six-month period in spite of multiple delays launching its flagship Haval H8 model. The company still has not said when the luxury SUV, which was introduced last November, will go to market.
Sales of the company's sedans plunged 51% to 53,100 cars. Exports (mainly to Chile, Russia and South Africa) dropped 32% to 28,800 units. In June the company replaced its purchasing and domestic and international sales chiefs.
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