Chinese automaker JAC Motors sees H1 net profits plunge 52.58%

Shanghai (Gasgoo)- Chinese stated-owned automaker JAC Motors reported that its semi-annual revenues reaching RMB 23.709 billion, falling 6.34% year on year. The Jan-June net profits attributable to shareholders slumped 52.58% to RMB 163 million.

The company ascribed the profit plunge to such factors as the macro-economic climate, the sales drop, the phase-out of new energy vehicle (NEV) subsidy and the escalating market competition, etc.

According to the semi-annual report, JAC Motors delivered around 252,300 units of complete vehicle and chassis in the first half of the year, a year-on-year decrease of 8.16%.

For the first six months, the sales of the light-duty and medium-duty truck totaled 117,400 units, edging up 1.14% over a year ago, and the sales of the heavy-duty truck slid 19.73% year on year to 26,100 units. As to the PV sales performances, the Jan-June sales of the MPV and the SUV amounted to 34,300 units and 44,800 units respectively, climbing 11.54% and tumbling 33.28% from the year-ago period. The company saw its all-electric PV sales skyrocket 113.08% to around 20,000 units.

In addition, the automaker exported a total of 40,600 vehicles from January to June, a year-on-year growth of 12.36%.

The report also disclosed that the NIO ES8, NIO's first model manufactured by JAC Motors, has already been put into production on a small scale and been handed over to consumers. Meanwhile, the Hefei-based automaker will produce another NIO's model called the ES6.

Moreover, the first all-electric PV model co-developed with Volkswagen Group dubbed SOL E20X has rolled off the production line in April.