Haval’s Parent Company Reports Huge Growth in Sales and Profit
Great Wall Motors (GWM) — Haval’s parent company — has reported a massive increase in sales and profits in 2021. According to the company’s annual report, the Chinese SUV maker observed an increase of 26 percent or 6.8 billion yuan ($1.1 billion) in net profit last year.
GWM attributed this increase to a sharp rise in vehicle sales, prices, as well as the company’s international growth, as it sold around 1.28 million vehicles globally in 2021, which amounts to a 15 percent increase on a Year Over Year (YOY) basis.
GWM also reported an increase of 15 percent in the average price of its vehicles, compared to 2020. Consequently, the earnings climbed by 32 percent to 136.3 billion yuan in 2021.
Also, the automaker sold almost 142,793 vehicles overseas, observing doubled international sales compared to last year. It has begun manufacturing vehicles in Thailand and Russia to further expand its global footprint.
GWM in Pakistan
Haval — a subsidiary of GWM — made its debut in Pakistan last year in partnership with Sazgar Engineering Works Limited (SEWL). It launched two compact crossover SUVs as Completely Built-Up (CBU) vehicles to compete in the budding crossover market.
However, issues such as increased import taxes, freight costs, local currency depreciation, COVID-19 restrictions, price hikes, and delivery delays have dampened Haval’s momentum.