Great Wall Motors saw its operating revenue reach 136.4 billion yuan ($21.46 billion) last year, up 32.04 percent year-on-year, said China's largest SUV and pickup truck maker on Tuesday.

Its net profit rose 25.41 percent to hit 6.7 billion yuan in the same year, despite the chip shortages that has been hitting the global automotive industry since late 2020.

Great Wall Motors has made progress in its efforts to move upward to take on international automotive brands.

The average price of models at the Baoding, Hebei province-based carmaker reached 100,600 yuan last year, up 15.02 percent from 2020.

In the first two months this year, models priced over 150,000 yuan accounted for 15.5 percent of its total sales, said the carmaker.

GWM said this is partly attributable to its focus on research and development. Last year, it spent 9.07 billion yuan in R&D, which accounted for 6.65 percent of its operating revenue in the year.