JAC Group Reports Strong Profit Growth for 2024’s First Three Quarters

On October 29, 2024, Anhui Jianghuai Automobile Group Corp., Ltd. (JAC Group) released its third-quarter financial report. The report shows that JAC’s revenue for the first nine months reached RMB 32.271 billion, with a net profit of RMB 625 million attributed to shareholders, marking a 239.86% increase year-over-year. For the third quarter alone, JAC recorded a net profit of RMB 324 million, up 1,028.38% compared to the same period last year.

JAC Group’s performance reflects the company’s focus on smart, electric vehicles, as the automotive industry undergoes a rapid shift toward technology and sustainability. By optimizing its product lineup and introducing high-value, smart electric models, JAC has steadily increased its sales, supporting the company’s ongoing high-quality growth.

In the passenger vehicle sector, JAC created China’s first MPV-focused MUSE platform and launched its flagship model, the Refine RF8, equipped with Huawei’s in-car system. With its stylish design, excellent driving experience, and advanced features, the RF8 has secured a strong position in the MPV market.

To cater to large families, JAC also introduced the affordable and spacious JAC X8 E-family model. With ample room, safety, and smart functions, this model offers a quality travel experience for budget-conscious families.

The JAC Yiwei series has launched new models like the Yiwei 3 and Hua Xianzi, each designed with improvements in style, range, smart functions, and safety. These upgrades aim to provide users with top-quality smart electric vehicles.

In commercial vehicles, JAC continues its shift to electric solutions, introducing the Shuaike EV5 and Shuaike ES6 electric trucks. In the first three quarters, JAC’s overall commercial vehicle sales grew, with electric commercial vehicle sales up by over 70% year-over-year.

In the face of market competition, JAC is targeting the electric pickup market with models like the JAC T6 EV and T8 EV, alongside its newly unveiled Hannu EV, which has garnered much attention.

With the steady release of various smart electric models, JAC’s overall sales have shown consistent growth, including a notable uptick in September.

In addition to its strong domestic market, JAC has made breakthroughs in international markets in 2024, particularly in Brazil, where it secured major contracts with Fortune 500 companies and government orders. In March, JAC signed an order for 600 electric vans in Brazil, marking a key milestone in the region’s electric vehicle market.

JAC pickups have also expanded globally over the past 15 years, now selling in more than 130 countries and regions. From January to September, nearly 30,000 JAC pickups were exported, a 44% increase from last year, ranking JAC as the top pickup exporter.

During the Hannover International Transport Exhibition in Germany, JAC announced its Europe strategy, with the goal “For Greener Cities, NOW.” Through localized products, marketing, and services, JAC aims to connect resources across the energy, finance, logistics, and vehicle sectors to set a new benchmark for sustainable “last-mile” logistics in Europe and beyond, supporting a greener, smarter ecosystem.

While achieving ongoing independent development, JAC is also deepening its partnership with Huawei. Recently, Huawei’s chairman of the Intelligent Automotive Solutions BU, Yu Chengdong, revealed at the 2024 Intelligent Connected Vehicle Conference that JAC and Huawei’s high-performance model “Zunjie” will debut at the Guangzhou Auto Show, with an anticipated 2025 launch. This premium model is expected to exceed RMB 1 million in price.

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