Great Wall Motor (GWM) Company Limited has released its financial report for the third quarter of 2020 and they show an upturn on the back of China’s recovering car market.

The report says that, from July to September 2020, GWM achieved total earnings of RMB 26.21 billion, up by 23.6% YoY and 11.5% MoM, including a net profit of RMB 1.44 billion attributable to the parent company, up by 2.9% YoY and a gross margin of 19%, up by 0.5% YoY. Sales volume was 286,000 vehicles, up by 23.9% YoY. The revenue of GWM in the first three quarters totaled RMB 62.14 billion.

GWM says it is investing more. From January through September, GWM spent RMB 1.9 billion in R&D, up by 28.5% YoY, including RMB 670 million from the third quarter, up by 21.3% YoY.

On July 20, GWM released three technology brands, with an aim to bring technological innovation to global users. The 3rd generation of HAVAL H6, HAVAL Dagou (“Big Dog” in Chinese) and WEY “Tank” 300 were developed on new technology platforms. In August, the first batch of “GWM’s technology experts” started in-depth communication with users, it says.