Shulou(Shulou.com)11/24 Report--

Thanks to CTOnews.com netizens Wu Yanzu in South China for the delivery of clues! According to CTOnews.com news on August 28, Wuling Motor recently announced its interim results up to June 30, 2023, with a total revenue of 5.089 billion yuan in the first half, down 18.9 percent from the same period last year, a gross profit of 410 million yuan, an increase of 10.3 percent over the same period last year, and a net profit of 12.26 million yuan, a net loss of 139 million yuan in the same period last year.

CTOnews.com learned from the financial report that the business income of Wuling Automobile Powertrain was 1.18 billion yuan, down 9.7% from the same period in 2022, mainly due to a decline in sales of engine components. During the period, the company's powertrain sales reached 126000 units, of which there was a significant increase in customer business other than core customers, of which completed sales reached about 68000 units, including SAIC Chase, Dongfeng Motor, Changan Automobile and so on.

The sales revenue of the auto parts and other industrial services division of ▲ Tuyuan Wuling official website is 2.544 billion yuan, down 10.7% from the same period last year. Wuling said that the Chinese auto market is still in a period of recovery after adjustment, which has been affected by the destocking of major customers, resulting in a decline in Wuling's production. In the future, Wuling will be closely linked with major customer production plans to expand and undertake new models such as "colorful fruit", "Yueya" subframe, reducer assembly, electric bridge and other products; second, on the basis of existing business, successfully entered the supporting system of Great Wall Automobile, Futian, Hezhong, BAIC and other enterprises.

In terms of commercial vehicle business, the company's revenue in the first half of the year was 1.351 billion yuan, down 35.2% from the same period last year, mainly affected by the restructuring of new energy vehicle business. Wuling New Energy formally completed its restructuring in November 2022, with the joint capital injection of Guangxi Automobile, Wuling Automobile and Wuling Industrial shareholders to transfer the new energy vehicle business and assets originally operated by Wuling Industry to Wuling New Energy.

▲ Tuyuan Wuling official website Wuling Motors pointed out that the reason for the decrease in revenue in the first half of this year was that the business volume of the automotive powertrain division, auto parts and other industrial services divisions decreased due to the overall unfavorable environment during the period, and the inventory level of automobile customers was relatively high during the period. In addition, the new energy vehicle business was reorganized and transferred to Wuling New Energy Company at the end of 2022, resulting in a direct reduction in the business volume of the commercial vehicle division.

Wuling said that despite a decline in business volume during the period, gross margins improved thanks to lower raw material costs and higher-margin sales of products with higher margins in the automotive powertrain segment.

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