By Ronnie Harui
Great Wall Motor Co.’s net profit jumped 25% in 2021 from a year earlier, mainly thanks to marked improvement in sales volume of new automobiles.
Net profit rose to 6.73 billion Chinese yuan ($1.06 billion) from CNY5.36 billion in 2020, the Chinese auto maker said late Tuesday. Operating revenue rose to CNY136.40 billion from CNY103.31 billion.
To prepare for the future, Great Wall Motor said it has launched a “2025 Strategy” and will continue to invest in research and development for the development of more environmentally friendly, smarter and safer products for global users.
From 2021 to 2025, Great Wall Motor’s cumulative R&D investment is estimated to reach roughly CNY100 billion. By 2023, its global R&D personnel will double to 30,000 from the current 15,000, the company added.
Other future initiatives include improving its consumer-to-business user operation model and tapping into various value-chain activities that cover the entire process of automobile purchase, Great Wall Motor said.
Write to Ronnie Harui at ronnie.harui@wsj.com
(END) Dow Jones Newswires
March 29, 2022 21:18 ET (01:18 GMT)
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