Gasgoo.com (Shanghai August 12) - In its recently released performance review, Jianghuai Automobile revealed that its income for the first half of the year totaled 14.42 billion yuan ($2.28b), National Business Daily reported today. The figure represents a fall of 17.32 percent for JAC from last year. The manufacturer reported a net profit of 315 million yuan ($49.82m) over the six month period, 36.93 percent lower than a year ago. Its stock was valued at .24 yuan ($.0379) per share, 41.42 percent lower than 2011.
JAC attributes the falls in income and profit to the poor state of the economy and increasingly fierce market competition. The manufacturer sold a total of 226,000 vehicles and chassis in the first half of the year, 15.69 percent less than a year ago. Sales of trucks and sedans declined 20.29 percent and 9.32 percent, respectively. Chassis sales, meanwhile, grew 2.3 percent.
The flagship Refine van (pictured above) brought in a total of 26,800 orders, 20.29 percent less than 2011. Sales of the Rein SUV (pictured below), meanwhile, totaled just 4,365 units, falling a full 41.46 percent from the previous year.
JAC exported 31,300 vehicles during the six month time period. The figure represents a fall of 11.92 percent for the manufacturer. In particular, exports to Brazil, one of JAC's key markets, fell significantly.
