JAC Group’s H1 net profit shoots up 93.84% YoY in 2024

Beijing (Gasgoo)- On August 27, Chinese automaker JAC Group disclosed its financial results for the first half of 2024, reporting a net profit of 300.83 million yuan attributable to shareholders, marking a significant 93.84% year-on-year soar.

Photo credit: JAC Group

According to earlier production and sales reports, JAC Group sold 206,200 vehicles in the first half of this year, with a notable contribution from new energy passenger vehicles, which jumped 15.28% from a year ago.

During this period, the company significantly increased its investment in intelligent electrification technologies, with R&D expenses surging 59.75% year on year, which also accounted for 7.74% of JAC Group’s total revenue, driving rapid innovation in the new energy vehicle sector.

In April 2024, in a bid to accelerate its transition towards intelligent new energy vehicles, JAC Group released models like the RF8 and EV 3 Zhi'ai Edition onto the market, further enhancing its product lineup.

On the first anniversary of its new brand strategy launch, JAC unveiled the DEFINE concept car, featuring a 460-kW silicon carbide motor that enables 0-100 km/h acceleration in around three seconds. The model also includes an 800-volt 4C fast-charging system as standard.

DEFINE Concept; photo credit: JAC Group

In intelligent driving, JAC Group achieved mass production of L2+ smart driving features, completed development of L3 intelligent driving function, and obtained a testing license in Hefei city for L4 autonomous driving operations in specific scenarios.

Additionally, JAC Group partnered with Huawei to develop a new platform and smart electric architecture, aiming to produce high-end luxury electric vehicles. Their first model is expected to roll off line by the end of this year, with market launch scheduled in the first half of 2025.