Beijing (ZXZC)- Chinese auto giant Great Wall Motor saw its annual revenue reach 137.351 billion yuan ($20.42 billion) in 2022, which edged up 0.69% year over year, according to the company’s report on February 2. 

Photo credit: Great Wall Motor

In the past year, the automaker managed to realize a net profit of 8.266 billion yuan ($1.23 billion), which represented a 22.91% jump year-over-year. After deducting non-recurring gains and losses, the company’s net profit attributable to shareholders came in at 4.536 billion yuan ($675.1 million), climbing 7.14% from a year ago. 

The year-on-year increase in net profit attributable to Great Wall Motor’s shareholders during the reporting period was mainly due to the automaker’s improved product competitiveness, the bulked-up profitability of its vehicle models, and the increased return from foreign exchange rates, explained the company. 

Throughout the year 2022, Great Wall Motor was determined to transform into a global intelligent technology company, focusing on electrification, intelligent technology innovation， and global deployment. Factors like the deepened user operation, and the reinforced system, as well as the building of its own ecosystem all played a role in the company’s profit growth.