Beijing (ZXZC)- Great Wall Motor, one of China's leading automakers, recently released its 2023 first-quarter financial results, which showed year-on-year drop in its revenue and net profit. 

Photo credit: Great Wall Motor

The report revealed that the company's revenue for the first quarter was 29.039 billion yuan, representing a decrease of 13.63% compared to the same period last year. Its net profit attributable to shareholders came in at 174 million yuan, which tumbled 89.34% from a year ago. After deducting non-recurrent gains and losses, the automaker’s quarterly net loss stood at 217 million yuan, indicating a fall of 116.65% from the prior-year period.

Great Wall Motor attributed the decline in its first-quarter performance to the ongoing adjustments to its product structure during the reporting period. The company plans to launch new products in 2023, while investing more in the R&D and branding of its new energy vehicle brands.

In addition, Great Wall Motor's total sales for the first quarter of 2023 reached around 220,000 units, slipping 22.41% year over year. Among all of its brands, only Great Wall Pick-up achieved a positive growth in sales during the first three months of the year, with a year-on-year increase of 13.65% to 48,817 units.