(Yicai Global) Feb. 28 -- The president and chairman of China's top sports-utility vehicle maker Great Wall Motor Co. have voluntarily deducted a combined CNY5 million (USD790,000) from their annual salaries after failing to hit the firm's 2017 sales target.

Chairman Wei Jianjun stumped up CNY3 million of his almost CNY5.8 million salary, while Wang Fengying parted with CNY2 million of her CNY5.5 million, the company said in a statement. Great Wall sold a little under 1.07 million vehicles last year, missing out on its annual target by around 180,000 (something down 0.4 percent).

Buyers were less frivolous last year, and there was tighter regulation and fiercer competition, the company said, adding that internally, it failed to outline a systematic strategy and sales slid as a result.

The firm's annual earnings forecast for 2017, issued Jan. 26, pegged revenue at CNY101 billion, 2.6 percent more than the year prior. But net profit attributable to shareholders dived 52 percent to CNY5 billion.

Great Wall put the reduced margins down to product promotions and profit sharing; an all-round promotion of its brands and products, leading to increased advertising costs; and increased research spending to make its SUVs more competitive.