Great Wall Motor Overseas Sales Surpass Domestic as Net Profit Drops 61%

Great Wall Motor (GWM) released its 2026 first-half results on August 25, revealing a company navigating growing international momentum even as profitability deteriorates sharply.

Revenue for the period reached 10.21 billion yuan (approx. $1.42 billion), up 10.58% year-on-year from 9.23 billion yuan. Net profit attributable to shareholders, however, plummeted to 246.5 million yuan (approx. $34.2 million), a 61.11% decline from 633.7 million yuan in the same period a year ago. GWM attributed the profit drop to deferred overseas tax subsidies and exchange rate fluctuations.

Vehicle sales totaled 575,800 units, up 1.22% year-on-year. The most notable shift came from the geography of those sales: overseas deliveries reached 289,000 units, up 45.46% from the prior year, edging past domestic sales of 286,700 units, which fell 22.53%. This marks the first time GWM's overseas volume has exceeded its home-market volume in a half-year period.

Product Mix Shifts Toward New Energy

By body type, pickups declined 3.71% and SUVs dropped 1.12%, while sedans and other vehicles — dominated by new-energy models — surged 58.80%. GWM's gross margin held steady at 18.37%, virtually unchanged from 18.38% a year earlier.

Global Production Footprint Expanding

GWM outlined progress on its international production strategy, citing three fully integrated overseas manufacturing bases in Thailand, Brazil, and other locations, along with multiple KD (knock-down) plants in Ecuador, Malaysia, and Pakistan. Its overseas dealer network now exceeds 1,600 outlets across 170 countries and regions, including additions of nearly 200 stores in H1.

The company's brand portfolio spans Haval, Tank, WEY, Ora, Great Wall Pickup, Great Wall Soul Motorcycle, and Great Wall Commercial Vehicles, covering SUVs, sedans, pickups, MPVs, motorcycles, and heavy trucks with powertrains ranging from gasoline and diesel to oil-electric hybrid, plug-in hybrid, pure electric, and hydrogen fuel cell.

Risks and Outlook

GWM flagged increasing trade barriers and geopolitical uncertainty as key risks to its overseas expansion, alongside intensifying domestic price competition and product homogenization. The company said it will pursue a "ONE GWM" global strategy emphasizing regional deepening and localised operations, accelerate overseas factory production and supply-chain localization, and roll out versatile multi-powertrain models tailored for global markets.

On the technology front, GWM pointed to its Guiyuan platform, Hi4 hybrid system, and Coffee intelligent-driving stack as pillars for next-generation products, with emphasis on off-road, premium, NEV MPV, and boxy-SUV segments.