Great Wall Motor May See Higher Sales Volumes in Russia This Year -- Market Talk

Dow Jones04-25

0245 GMT - Great Wall Motor's sales volumes in Russia may rise this year on the popularity of its Tank brand off-road SUV, Deutsche Bank analyst Bin Wang writes in a note. Following the departure of several auto brands from the Russian market, the supply of cars is limited and selling prices have increased significantly, the analyst notes. Russia was the company's largest overseas market in 1Q with 45,901 units sold, up 79% on the year. The overseas sales have helped the company hit record average selling price in 1Q, Wang adds. Deutsche Bank raises its 2024 net profit forecast for the carmaker by 12.6%, It raises the stock's target to HK$14.00 from HK$13.00 and maintains a buy rating. Shares last at HK$12.60. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

(END) Dow Jones Newswires

April 24, 2024 22:45 ET (02:45 GMT)

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The overseas sales have helped the company hit record average selling price in 1Q, Wang adds. Deutsche Bank raises its 2024 net profit forecast for the carmaker by 12.6%, It raises the stock's target to HK$14.00 from HK$13.00 and maintains a buy rating. Shares last at HK$12.60. 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Following the departure of several auto brands from the Russian market, the supply of cars is limited and selling prices have increased significantly, the analyst notes. Russia was the company's largest overseas market in 1Q with 45,901 units sold, up 79% on the year. The overseas sales have helped the company hit record average selling price in 1Q, Wang adds. Deutsche Bank raises its 2024 net profit forecast for the carmaker by 12.6%, It raises the stock's target to HK$14.00 from HK$13.00 and maintains a buy rating. Shares last at HK$12.60. 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