Gasgoo Munich-JAC Motors (600418.SH) reported a sharp divergence between output and sales for January 2026. Whole-vehicle production climbed 24.86% year-on-year to 43,752 units, while sales slipped 2.14% to 34,800, according to the company's latest operational data.
Image Source: JAC Motors January Production and Sales Flash Report
Production surged across the board, driven by a robust performance in commercial vehicles. Truck output jumped 22.20% to 21,856 units, while pickup production soared 67.40% to 7,277. Incomplete bus vehicles and multi-purpose commercial vehicles also posted strong gains of 61.06% and 19.73%, respectively. Passenger vehicle output rose as well, with SUVs, MPVs, and sedans climbing between 5.92% and 18.03%. The standout performer was new energy passenger vehicles, where production nearly doubled — up 96.25% to 3,403 units. Bus production, meanwhile, edged up 20.75% to 675 units.
The sales picture was more fragmented. Commercial vehicles held their ground, with truck sales rising 3.68% to 19,282 units and pickups climbing 24.22% to 5,421. Incomplete bus vehicles and multi-purpose commercial vehicles also advanced, gaining 18.39% and 38.63%, respectively. Passenger vehicles, however, faced headwinds. SUV sales tumbled 42.47% to 3,712 units, while MPVs slipped 6.23% to 1,310 and bus sales fell 18.36% to 458. Sedans managed a modest 1.62% increase to 3,140 units. The bright spot was new energy passenger vehicles, which more than doubled to 3,151 units — a 183.11% surge that anchored the company's sales growth.
Taken together, JAC Motors' January data highlights a split between output and demand — a mix of strong production and mixed performance across sectors. While new energy passenger vehicles are booming on both the production and sales fronts, traditional passenger models continue to feel the squeeze of market pressure.
