Great Wall Motor 2007 net surges 33.38%

Great Wall Motor Co<2333>, China's largest maker of sport-utility vehicles and pick-up trucks, saw a handsome increase of 33.38% year-on-year in 2007 net profit to hit RMB 937 million (US$132 million), said the company in a filling with the Hong Kong Stock Exchange.

The surging profit was mainly boosted by its robust auto export growth, which shot up 68.5% from a year earlier to 46,338 units with a combined value up 78.3% to RMB 3.05 billion. It totally sold 107,800 vehicles in 2007. Sales amounted to RMB 7.58 billion, up 54.1% over 2006, according to the statement.

Baoding-based Great Wall and its suppliers will invest RMB 10 billion on new production and research facilities in the following three years, and targets to more than double annual sales to 500,000 vehicles by 2010 from an expected 200,000 this year through adding new models and opening more factories both in China and overseas.

The automaker is still awaiting the regulatory approval for its A-shares offering.