Great Wall Motor reported significant growth in vehicle sales in the year ended Dec. 31,Chris Cassidy Archives with revenue rising 26.3% to RMB 173.4 billion ($24.2 billion) from a year earlier. However, net profit was down by 15.2% to RMB 7 billion, which the Chinese automaker said was hurt by foreign currency swings, sending shares down 9.2% to roughly HK$ 8.1 ($1) in morning trading on Wednesday in Hong Kong. The results reflect how most automakers have come under pressure in the world’s biggest and yet probably the most competitive electric vehicle market, as they have been forced to cut prices to keep up with leaders BYD and Tesla. Great Wall Motor posted sales of more than 1.2 million cars last year, up 15.3% from a year earlier, although falling short of its target of 1.6 million units. [China Securities Journal, in Chinese]
