AutoBeta(AutoBeta.net)08/27 Report--

Jianghuai Automobile officially released its performance report for the first half of 2019, which showed that the operating income in the first half of this year was 27 billion yuan, an increase of 13.88 percent over the same period last year, and the net profit attributed to shareholders of listed companies was 125 million yuan, down 23.46 percent from the same period last year. After a huge loss last year and a huge fine for emissions fraud this year, Jianghuai Motor has suffered a great loss of vitality.

In terms of sales volume, JAC sold 235200 vehicles and chassis in the first half of the year, down 6.78 per cent from the same period last year. Of this total, the sales of light trucks (including medium trucks) were 109000, down 7.37% from the same period last year; the sales of heavy trucks were 21800, down 16.32% from the same period last year; the sales of 20700 MPVs were down 39.6% from the same period last year. Jianghuai exported 25000 vehicles in the first half of 2019, down 38.4% from the same period last year. In addition, SUV sales were 48700, up 8.58 per cent from a year earlier, and pure electric passenger car sales were 39100, up 95.01 per cent from a year earlier. From the data point of view, in addition to new energy vehicles, the sales of various models of Jianghuai Automobile have declined to varying degrees.

In addition, in terms of new energy vehicles, Jianghuai Automobile has also set up a joint venture "Jianghuai Volkswagen" with Volkswagen. As the "No.1 Project" for the development of advanced manufacturing industry in Anhui Province, this project is highly anticipated. But after two years, its first mass production model, Sihao E20X, has not been put on the market for a long time.

In addition, at present, several major passenger car factories of Jianghuai Automobile are not only producing their own brands, but also producing pure electric vehicle products of Lulai Automobile. During the reporting period, the second model ES6, which was produced in cooperation with Xilai Automobile, has been mass-produced and started delivery.

The overall development of Jianghuai Automobile in 2019 may not be optimistic. On the one hand, the decline of subsidies for new energy vehicles will affect the development of its new energy vehicles, and the joint venture stock ratio will be gradually liberalized. The full layout of foreign-funded enterprises will also have an impact on its development; on the other hand, it will be fined 170 million yuan for emission fraud, which will adversely affect its performance this year and directly reduce its overall net profit.

Jianghuai Motors said that due to the impact of the macroeconomic downturn in the second half of this year, the market competition in the automobile industry has intensified, and the company will speed up new product research and development and product upgrading, enhance product competitiveness, and strengthen capacity building in R & D and sales services. In addition, we will adhere to the enterprise strategy of "vigorously developing new energy vehicles", seize the opportunity to deepen joint ventures and cooperation with Xilai Automobile and Volkswagen, strengthen brand building, and enhance the company's comprehensive competitiveness.

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