On the evening of October 30, Great Wall Motor (02333.HK) reported quarterly results that painted a mixed picture.

On one hand, revenue for the first three quarters rose 4.09% year on year to exceed 159.8 billion yuan, showing steady scale. On the other, net profit attributable to shareholders plunged 55.69% year on year — a striking decline.

In 2026, as the price war in the new energy vehicle market intensifies and competition in the domestic auto market heats up, this Baoding-based automaker — which "got its start with pickups and built its reputation on SUVs" — finds itself at a critical crossroads.

According to Great Wall Motor's 2026 third-quarter report, the company posted cumulative operating revenue of 159.869 billion yuan for the first three quarters, up 4.09% from the same period last year.

In the third quarter alone, Great Wall Motor recorded operating revenue of 57.767 billion yuan, down 5.68% year on year; net profit attributable to shareholders came in at 1.362 billion yuan, down 40.75% year on year; and net profit after deducting non-recurring gains and losses was approximately 980 million yuan, down 48.3% year on year.

Addressing the sharp fluctuations, Great Wall Motor attributed the performance changes mainly to three factors.

First, the recovery of subsidy income under overseas tax policies was delayed, directly weighing on profit and loss for the period.

Second, exchange rate fluctuations during the year created disturbances from foreign exchange gains and losses.

Third, the domestic auto market remained under pressure, and intensifying price competition squeezed overall profit margins.

In terms of gross margin, the company's overall gross margin in the third quarter of 2026 was 17.3%, down about 1.14 percentage points year on year and about 1.03 percentage points quarter on quarter — a sign of short-term weakening profitability.

Beyond the financial figures, Great Wall Motor's product sales landscape reveals a clear pattern: stable overall volume, structural divergence, and overseas breakthroughs.

First, overall sales. In the third quarter of 2026, Great Wall Motor sold approximately 336,000 new vehicles, down 4.9% year on year but up 6.9% quarter on quarter, indicating some recovery in end-market demand during the quarter.

From January to September, cumulative sales reached 920,000 units, a slight year-on-year dip of 0.3% — essentially flat compared with the same period last year.

By brand, performance across product lines was uneven. The Haval brand, the backbone of sales, moved 188,000 vehicles in the third quarter, down 9.3% year on year but up 6.6% quarter on quarter.

In September alone, Haval sales totaled 66,600 vehicles, bringing cumulative sales for the first three quarters to 515,000 units, a modest year-on-year decline of 2.54%.

WEY, which focuses on high-end intelligent vehicles, sold 22,000 vehicles in the third quarter, down 24.2% year on year — clearly under pressure.

Still, its cumulative sales of 66,600 vehicles in the first three quarters managed positive growth of 4.70%.

The Tank brand sold 50,000 vehicles in the third quarter, down 18.4% year on year. Cumulative sales for the first three quarters reached 142,800 vehicles, a year-on-year decline of 13.53%, as the high-growth dividend from hardcore off-roaders somewhat faded.

The real growth standout was ORA. The brand, which focuses on small pure electric vehicles, sold 33,000 vehicles in the third quarter — a year-on-year surge of 109.4% and a quarter-on-quarter increase of 60.9%.

In September alone, sales hit 11,200 vehicles, up 79.09% year on year. Cumulative sales for the first three quarters reached 59,400 vehicles, doubling with a year-on-year increase of 100.19%, making it the fastest-growing engine within Great Wall.

Great Wall Pickup held steady, with third-quarter sales of 43,000 vehicles, up 8.3% year on year. Cumulative sales for the first three quarters were 135,800 vehicles, basically flat year on year.

New energy and overseas markets are the two most noteworthy aspects of this report card.

On the new energy front, the company sold 117,000 new energy vehicles in the third quarter, up 27.5% quarter on quarter, with penetration continuing to rise. In September alone, new energy sales reached 42,000 units, bringing cumulative sales from January to September to 262,000 units.

In overseas markets, third-quarter sales abroad reached 185,000 vehicles, up 35.2% year on year and 14.4% quarter on quarter. The share of overseas sales climbed further to 55%, roughly 20 percentage points higher than the same period last year.

In September alone, overseas sales totaled 60,000 vehicles, and cumulative overseas sales from January to September reached 476,000 vehicles — notable results from the company's global layout.

It is worth noting that in the third quarter, Great Wall Motor's per-vehicle ASP was about 172,000 yuan, a slight year-on-year decrease of 2,000 yuan, mainly due to a temporary increase in the share of lower-priced models.

Looking ahead, Great Wall Motor is seeking new growth poles through an intensive product launch schedule.

At the Chengdu Auto Show in August, six major brands under Great Wall appeared together, displaying multiple new models including the Haval Great Wall H10, WEY V8X, all-new Tank 300, ORA 5GT and sport version, and Great Wall Cannon Hi4-T series.

Subsequently, models including the all-new Tank 500, WEY Gaoshan 8 HEV, HEV and pure electric versions of the WEY V9X, six-seat version of the Tank 700, and all-new Tank 400 will also be launched in succession.

Several brokerages maintain "Buy" or "Overweight" ratings on Great Wall Motor, believing that with the volume ramp-up of mid-to-high-end models, accelerated overseas launches of new cars such as ORA, and capacity ramp-up at overseas plants in Brazil, Bulgaria, and other locations, the company's overall sales and performance trends are expected to move upward.

Source: Jinguanshe

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