JAC Group posts 20.6% YoY drop in H1 2022 revenue

Shanghai (Gasgoo)- JAC Group, a Chinese automaker listed on Shanghai Stock Exchange, earned around 17.772 billion yuan ($2.569 billion) in its revenue for the first half of 2022 (“H1 2022), sliding 20.6% from a year earlier, according to the semi-annual financial results the company issued today.

In the Jan.-Jun. period, JAC Group faced a net loss attributable to shareholders of 711.984 million yuan ($102.928 million), tumbling from the net profit of 477.732 million yuan ($69.063 million) for the year-ago period.

JAC Group's R&D Center; photo credit: JAC Group

The decrease in the semi-annual revenue and net profit partially resulted from the company's sliding sales volume. JAC Group sold 235,210 units of automobiles and chassis through the first six months of this year, representing a year-on-year decline of 17.47%. By specific segments, the H1 sales of light-duty trucks, heavy-duty trucks, and MPVs all fell at a two-digit year-on-year drop. Nevertheless, the company’s Jan.-Jun. SUV and sedan sales still rose 9.42% and 60.79% year on year to 95,802 and 20,645 units, respectively.

Despite the overall sales downturn, JAC Group still saw its Jan.-Jun. sales of all-electric passenger vehicles surge 44.02% year over year to 80,089 units. Its export business also obtained a blooming leap of 42.74% with 48,736 vehicles shipped overseas in the first half of the year.

Moreover, JAC Group reported an 8.66% year-on-year increase in its H1 2022 R&D expenses, which stood around 663.34 million yuan ($95.896 million).