Great Wall Motors warns of 58.6pc profit dropBusiness | 19 Jul 2019 6:27 pm
Great Wall Motors (2333) released a profit warning saying net profit for the first half will plunge by 58.6 percent to 1.53 billion yuan (HK$1.74 billion).
The company said it has increased its product incentives and expanded investment in research and development, resulting in a drop in net profit.
Revenue is expected to fall by 15 percent to 41.38 billion yuan.
Great Wall Motors has adjusted its sales target for 2019 to 1.07 million units.