Beijing (ZXZC)- On April 22nd, China’s major carmaker Great Wall Motor released its quarterly financial report for the January-March period in 2022.

Latte DHT; photo credit: WEY

According to the report, during the first three months of this year, Great Wall Motor brought in a total of RMB33.62 billion ($5.2 billion) in revenue, representing an 8.04% increase year over year. Meanwhile, the company’s net profit attributable to shareholders amounted to RMB1.63 billion ($252.57 million) in the quarter, notching down 0.34% compared to a year ago. 

After non-recurring deductions, the net profit attributable to shareholders equaled RMB1.3 billion ($201.44 million), down 2.41% from the year-ago period. 

By the end of the March, Great Wall Motor’s total assets summed up to RMB174.94 billion ($27.04 billion), roughly the same as the same quarter in 2021. 

Notably, during the reporting period, Great Wall Motor’s R&D cost saw a 46% year-on-year jump to RMB1.32 billion ($204.59 million) from 2021’s RMB907.92 million ($140.35 million). 

From January to March, Great Wall Motor sold 283,500 vehicles cumulatively, indicating a 16.32% decline from the earlier year. The automaker’s new energy vehicles sales summed up to 35,403 vehicles in the three-month span. In addition, the accumulative export volume of the company amounted to 29,322 vehicles.