On the evening of September 12, NavInfo announced that it has received a designation notice from Great Wall Motors, stating that it will supply intelligent forward vision control module products based on Horizon chips for some of Great Wall's models, which are set to begin mass production and hit the market in the fourth quarter of 2024. The specific sales volume and revenue will depend on the sales of the models equipped with these functions.
NavInfo becoming Great Wall Motors' designated Tier 1 supplier reflects the continued expansion and deepening of the partnership between the two companies. This will further enhance NavInfo's business influence and market competitiveness, positively impacting future operating performance.
As a new-type Tier 1 supplier, NavInfo focuses on the automotive intelligence sector and has further clarified its business direction as a solution provider, led by intelligent driving. It is gradually transitioning from a product provider to a solution provider.
In an interview, NavInfo CEO Cheng Peng stated, "We aim to become the ultimate cost-effective solution provider for automotive intelligence, helping automakers win the key battle of intelligent transformation. In the future, our goal and direction are to run our algorithms on our own chips and provide automakers with solutions using our own maps."
According to NavInfo's financial report for the first half of 2024, the company reported a total revenue of 1.667 billion yuan, an 11.08% year-on-year increase. The intelligent driving business generated 124 million yuan, with a gross profit margin increase of 20.77% compared to the same period last year. The smart cockpit business reported 265 million yuan in revenue, up 9.37% year-on-year, with a gross profit margin increase of 6.43%. The intelligent chip business revenue reached 253 million yuan, up 13.55% year-on-year, while the smart cloud business generated 1.017 billion yuan, marking a 15.82% year-on-year growth.
