Hong Kong-traded shares in Great Wall Motor, China’s top homegrown SUV maker, plunged by 4.8% to HK$14.22 at the Hong Kong Stock Exchange today after the company reported its latest sales decline.
Sales fell by 7.9% from a year earlier in May as Covid-related lockdowns in key mainland cities shook up the world’s biggest automobile market and global supply chains.
Great Wall’s overall vehicle sales totaled 80,062 units compared with 86,965 a year earlier, the company said in a filing on Wednesday. A 22% plunge in shipments of its flagship Havel SUV models led the fall. For the first five months of 2022, Great Wall’s sales declined by more than 19% from a year earlier to 417,339 units. (See details here.)
Shanghai, the Chinese city hardest hit by the country’s “zero-Covid” policies, eased two months of severe lockdowns on June 1; travel and other restrictions in the area remain.
Great Wall’s Hong Kong-traded shares have lost more than 60% of their value since Nov. 22. Chairman Wei Jianjun is still worth $17.3 billion on the Forbes Real-Time Billionaires list today.
The company’s stock has rebounded from a recent low of HK$9.11 on May 10 on hopes for improved economic growth in China in the second half of the year.
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Wei Jianjun, chairman of Great Wall Motor Co., center, speaks during a news conference in 2019. … [+]
EV makers BYD, NIO, XPeng and Li Auto and all reported sales increases in May from a year earlier.
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