Sales At China Billionaire’s SUV Maker More Than Doubled In 1st Qtr Amid Economic Recovery

Shipments of motor vehicles by Great Wall Motor, China’s largest homegrown maker of SUVs, doubled in the first quarter as the world’s No. 2 economy continued its recovery from the Covid-19 outbreak, the company said Thursday evening.

Great Wall sold 222,728 of its flagship Havel SUVs in the first three months of 2021, an increase from 106, 205 a year earlier, presenting a 110% gain. Sales of all models, including trucks and sedans, totaled 338,798 vehicles during the period, an increase of 125%. (See details here.)

An improved outlook has helped the company’s Hong Kong-traded shares increase by nearly 5-fold in the past year. That has lifted Great Wall’s market capitalization to HK$311 billion, or $40 billion, putting it roughly the same league as Ford’s $49 billion.

Great Wall’s Chairman Wei Jianjun ranked at No. 128 on the 2021 Forbes Billionaires List released this week with a fortune worth $15.8 billion.

Great Wall’s President Wang Feng Ying made the Jan.-Feb. cover of Forbes China, the Chinese-language edition of Forbes, and was a member of the magazine’s 2021 list of the most successful businesswomen in the country.

@rflannerychina