JAC Group expects 86.86% YoY surge in H1 2024 net profit

Beijing (Gasgoo)- On July 9, Anhui Jianghuai Automobile Group Co., Ltd. (JAC Group) announced its financial results for the first half of 2024, projecting a net profit attributable to the parent company owners of approximately 290 million yuan. This marks an increase of 134.8 million yuan compared to the same period last year, representing an 86.86% year-on-year growth.

Photo credit: JAC Group

According to previously released production and sales reports, JAC Group sold 206,200 vehicles in the first half of 2024, with sales of new energy passenger vehicles growing 15.28% year over year.

In April last year, JAC Group unveiled a new brand strategy centered on the value of "leading intelligence with intelligence." The company developed its first MPV-exclusive platform and launched the flagship model, the RF8 MPV. The RF8 is also the first MPV to bear Huawei's in-car system.

RF8; photo credit: JAC Group

In the commercial vehicle sector, JAC Group has been accelerating its transition to new energy vehicles, achieving an overall year-on-year sales increase. Notably, sales of new energy commercial vehicles surged by 88% in the first half of the year.

Aside from independent R&D, the automaker also made efforts to enhance open collaboration. JAC Group signed a strategic cooperation agreement with CATL at the beginning of 2024. Since then, JAC Group has integrated CATL's battery technology into various products, including light-duty and heavy-duty trucks, passenger cars, and buses, continuously boosting product competitiveness.

In late April, JAC Group signed a comprehensive strategic cooperation agreement with Huawei Digital Power. This collaboration will focus on a holistic approach to new energy vehicles, including the car and charging infrastructure, further deepening their partnership.