Shanghai July 20 (Gasgoo.com) Chinese automaker Anhui Jianghuai Automotive Co. (600418) last week said that the company's net profit in the first half of the year may have surged more than 300% from a year earlier to exceed 456 million yuan ($67 million), media reported.
The company attributes the surge in the first-half net profit to an increased sales and higher gross margins of its main products. The company sold 243,570 units vehicles in the first half, up 67.21% year on year. Meanwhile, its engine sales soared 184% to 25,000 units.
Jianghuai Auto sold 138,200 commercial vehicles in the first half, up 52% from a year earlier, which include 113,400 light-duty trucks (46%); 13,000 heavy-duty trucks (136%) and 11,800 chassis (up 59%), all exceeding a half of this year's sales targets.
The company's daily sales of light-duty trucks have exceeded 1,000 units and full-year sales in 2010 are expected to pass 200,000 units, laying a solid foundation for the company to break the 1 million-unit sales mark this year.
Jianghuai Auto, which is expanding into the passenger car sector, expects to sell 500,000 vehicles this year (from 198,500 units in 2009), including 300,000 passengers cars.
Jianghuai is finalizing a 4 billion yuan truck and engine joint venture deal with U.S. construction and mining equipment manufacturer Caterpillar Inc. and truck maker Navistar International Corp.
