Chinese automaker JAC Motors announced its projected performance for the first half of 2023, expecting a net profit of 150 million yuan (US$22.1 million), the first time in six years that the company to turn a profit. JAC Motors attributed this growth to its expanding export business, with sales figures showing a cumulative export volume of 89,200 vehicles, an 82.98 percent surge year-on-year.
Over the past six years, JAC Motors lost a total of over 9 billion yuan. Despite challenges with its new energy vehicle iEV, which saw a lackluster market response of a monthly sales volume under 1,000 units since it was released in 2019, the company has recently pursued profitability through contract manufacturing agreements with Nio and Volkswagen.
JAC Motors’ export business has emerged as a key driver for JAC Motors' profitability, according to the forecast. JAC Motors started its overseas expansion in 2015, capitalizing on the "Belt and Road" initiative. This year alone, JAC Motors has exported 89,200 vehicles, an 82.98 percent increase compared to the same period last year.
