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Anhui Jianghuai Automobile Group Corp., Ltd. (JAC Group or JAC) was established in 1964 and is headquartered in Hefei, Anhui Province. It is a comprehensive global automotive enterprise integrating R&D, production, sales, and service across full‑series commercial and passenger vehicles, with business spanning automotive mobility, financial services, and many other fields. It has been a driving force behind the rise of China's automotive industry. The company is listed on the main board of the Shanghai Stock Exchange under the stock name JAC Motors (stock code: 600418). The legal representative and chairman is Xiang Xingchu, and the general manager is Li Ming.
JAC Group traces its origins to the Chaohui Auto Parts Factory, formally established on May 20, 1964, by industrial workers who started from scratch by the banks of Chaohui Lake. In 1968, JAC successfully developed the HF270 engine and the HF130 2.5‑tonne cargo truck, becoming the first enterprise in Anhui Province to produce automobiles and filling a gap in the province's automotive industry. Over more than sixty years of development, JAC Group has grown from a small local factory producing a single product into a comprehensive automotive group featuring advanced energy‑saving vehicles, new energy vehicles, and intelligent connected vehicles. Its product portfolio covers heavy‑, medium‑, and light‑duty trucks, micro‑trucks, multi‑purpose commercial vehicles, MPVs, SUVs, sedans, buses, and special chassis, occupying an important position in the global automotive landscape.
JAC Group is firmly committed to two development paths—"independent development" and "open cooperation"—and is accelerating its transformation and upgrade toward intelligent new energy. On the independent development front, the company drives brand upgrading through technological innovation and has built a comprehensive technology system covering both commercial and passenger vehicles. On the open cooperation front, JAC Group has forged deep strategic partnerships with leading domestic and international enterprises, including Volkswagen, NIO, Huawei Technologies, Cummins, CATL, iFlytek, and Horizon Robotics, forming a distinctive industrial ecosystem.
Entrepreneurial Foundation Period (1964–1984)
In January 1964, the Anhui Public Security Department approved the establishment of the Chaohui Auto Parts Factory, which was officially launched on May 20 of that year and subsequently relocated from Chaoxian County to Hefei. In 1968, JAC developed the HF270 engine and the HF130 2.5‑tonne cargo truck, becoming Anhui Province's first automobile manufacturer. In 1969, the company was renamed JAC Motor Manufacturing Factory.
Transformation and Growth Period (1985–2000)
In 1985, JAC began mass production of its first‑generation light trucks. In 1990, the company developed China's first dedicated bus chassis, the HFC6700, fundamentally changing the long‑standing practice of modifying truck chassis for bus use. Subsequently, JAC undertook key projects under the national 863 Programme and successfully developed the 6DCT automatic transmission, breaking the monopoly of joint‑venture brands on automatic transmission technology in the Chinese automotive market.
Restructuring and Listing Period (2001–2008)
On August 24, 2001, JAC Motors was listed on the main board of the Shanghai Stock Exchange. In 2002, the company was renamed Anhui JAC Motor Co., Ltd. and began exploring a technical route for industrialising new energy vehicles.
New Energy Exploration and Open Cooperation Period (2009–2019)
In January 2011, 585 TONGYUE pure electric sedans produced by JAC entered the private car market in batches, pioneering the largest‑scale demonstration operation in China's private new energy vehicle purchase sector and creating the first instance of standardised market release for pure electric sedans nationwide. In 2014, JAC won a procurement contract for 5,239 heavy‑duty trucks in Venezuela, known as the "First Major Single Order for Chinese Heavy Truck Exports." In 2016, a strategic cooperation framework agreement was formally signed with NIO. In 2017, under the witness of the Chinese and German premiers, JAC and Volkswagen formally signed a joint‑venture agreement, and the joint venture was established in December of that year—becoming the first domestic joint venture focused on new energy vehicles. In December 2018, JAC and Cummins each invested 50% to establish Anhui Cummins Power Co., Ltd. That same year, the company received the China Industry Award—the highest honour in China's industrial sector—becoming the first comprehensive automotive enterprise in China to do so. In 2019, JAC successfully participated in the acquisition of Kazakhstan's largest automotive industrial group, the Allur Group.
Strategic Transformation Period (2020–2024)
In 2020, the new X8 model, using the Sehol brand mark for the first time, was publicly unveiled at the Chengdu Auto Show. In 2022, the new brand "JAC 1 Truck" was launched, integrating the light‑truck business. From 2023 onward, guided by the new brand strategy of "Leadership by Intelligence," JAC has continued to increase R&D investment—reaching 2.234 billion RMB in 2023, up 24.48% year‑on‑year, with 155 invention patents authorised in the year.
High‑End Breakthrough Period (2025–Present)
On May 30, 2025, the first model, the S800, of the ultra‑luxury new energy brand MAEXTRO—jointly created by JAC and Huawei—was officially launched, with a starting price of 708,000 RMB, and quickly opened up the million‑yuan luxury car market. In 2025, the company's R&D investment in four core technology fields exceeded 4.3 billion RMB, with an R&D intensity of over 9%, alongside deep cooperation with top domestic universities and research teams. JAC has designated 2026 as the opening year of the "15th Five‑Year Plan" and the key year for its "Third Entrepreneurship." Following the "1248" strategy, with a focus on MAEXTRO leadership, premium passenger vehicles, strengthening light commercial vehicles, and international advancement, the company is pushing toward the long‑term goal of one million sales and 100 billion RMB in revenue.
JAC Group has built four core business sectors—vehicle manufacturing, core components, automotive mobility, and automotive services—spanning both traditional and new energy powertrains, creating a comprehensive automotive service platform covering the full ecosystem, full industry chain, and full value chain.
Passenger Vehicle Business: Through continuous brand integration and model streamlining, JAC has established a brand system anchored by JAC Motor, JAC Yiwei, JAC Refine, and MAEXTRO (co‑developed with Huawei). Its product portfolio covers mainstream sub‑segments under 300,000 RMB—including sedans, SUVs, and MPVs—as well as the million‑yuan ultra‑luxury market.
JAC Brand (Independent Passenger Vehicles) forms the core of the company's independent passenger vehicle operations. After years of organisational refinement, JAC passenger vehicles have completed brand integration, covering sedans, SUVs, MPVs, and other categories. Notable models include the JAC X8 E Home (plug‑in hybrid SUV) and the JAC QX PHEV. At the 2026 Beijing Auto Show, Feng Liangsen, General Manager of JAC Group's Passenger Vehicle Marketing Division, revealed that the company is planning a new passenger vehicle brand built on the DEFINE platform. The first model will be positioned in the high‑end sports style segment, targeting premium sub‑markets.
JAC Refine focuses on the MPV market, with an emphasis on mid‑to‑high‑end business and family travel. The Refine RF8 is the brand's core strategic model, positioned in the mid‑range MPV segment. It is the only new energy MPV under 300,000 RMB equipped with Huawei's infotainment system, featuring a 15.6‑inch 2K smart screen and the HarmonyOS 4.0 system. Available in both fuel and plug‑in hybrid versions, it has also begun exports.
JAC Yiwei is the brand JAC Group created for the small pure electric market. Under the latest strategic adjustments, Forway will focus primarily on exports going forward, with domestic sales playing a supporting role.
MAEXTRO is the ultra‑high‑end luxury new energy brand jointly created by JAC Group and Huawei through deep collaboration. Its first product, the MAEXTRO S800, is positioned as a million‑yuan executive sedan and was officially launched on May 30, 2025, with a price range of 708,000 to 1,018,000 RMB. Based on Huawei's full‑stack intelligent driving and HarmonyOS cockpit technology, combined with premium interior materials and customised comfort features, the S800 received strong market response, with cumulative deliveries exceeding 10,000 units in 2025. MAEXTRO plans to launch more models in the future, covering sedans, MPVs, and other categories. The MAEXTRO MPV S800 high‑end version has been listed as a key 2026 project.
Commercial Vehicle Business is the company's founding business and revenue cornerstone. JAC Group has built a commercial vehicle system covering full categories, full scenarios, and full powertrains, with a product matrix centred on JAC 1 Truck, JAC 1 Van, and JAC Pickup. Under the "Star Link No. 1" technology brand, it covers four technical platforms—fuel, hybrid, pure electric, and hydrogen—and four core technologies: smart, efficient, green, and safe, empowering the creation of premium intelligent trucks with superior chassis. JAC 1 Truck light trucks have long ranked in the top tier of domestic exports, with 36,000 units exported in 2024—ranked first in the industry for 14 consecutive years. Pickup exports reached 53,700 units in 2024, up 26.8% year‑on‑year.
Bus Business: JAC Group is also steadily expanding its bus market presence, with overall bus sales showing a surge in 2025.
Platform Development: In 2025, JAC Group released its next‑five‑year intelligent new energy architecture—the DEFINE Platform. Built on four technical pillars—intelligent architecture, smart chassis, smart cockpit, and smart assisted driving—the platform is forward‑looking, global, and highly flexible. It can adapt to SUVs, sedans, and MPVs, and is compatible with pure electric, hybrid, and other powertrains. The co‑created prototype vehicles DEFINE‑S and DEFINE‑X represent two directions: Sports Sedan and Smart SUV respectively. The DEFINE‑S presets a 1000V high‑voltage platform, with a total three‑motor power output of 590 kW. The DEFINE‑X is equipped with the Huawei‑powered "ICDC Full‑Domain Wire‑Control Smart Chassis," which can achieve a 12° maximum rear‑wheel steering angle and crab‑walking function, representing JAC Group's core technology direction for the next five years.
JAC Group has recently faced dual pressure on sales and profitability. In 2024, the company sold 403,100 vehicles and chassis, down 7.42% year‑on‑year. In 2025, cumulative sales of vehicles and chassis reached 384,100 units, down 4.72% year‑on‑year, with operating revenue of approximately 46.476 billion RMB, up 10.35% year‑on‑year; net profit attributable to shareholders of the listed company stood at -1.703 billion RMB, with non‑recurring net profit of -2.5 billion RMB. By sales structure, commercial vehicles remained the company's core revenue driver in 2025—contributing 20.469 billion RMB, up about 44.24% year‑on‑year; passenger vehicle revenue was 17.996 billion RMB, accounting for 41.32% of the total.
The sustained sales decline is the direct cause of poor performance, but the deeper drag comes from investment losses in the associate enterprise Volkswagen (Anhui) Co., Ltd. JAC Group holds a 25% equity stake in VW Anhui. In 2025, equity‑method long‑term investment income was -836 million RMB, the vast majority of which came from VW Anhui, implying that VW Anhui's total loss in 2025 was approximately 4.32 billion RMB. In 2024, the investment loss from Volkswagen Anhui was -1.35 billion RMB. In addition, operating costs and expenses also increased—sales expenses in 2025 reached 2.897 billion RMB, up 97.5% year‑on‑year, with advertising and sales service fees primarily directed toward MAEXTRO brand promotion.
From 2020 to 2025, JAC Group overall showed a fluctuating pattern of "three years of losses, three years of profits," with total losses exceeding 4.5 billion RMB over the six‑year period. Notably, from 2017 to 2025, the company's core profitability indicator—non‑recurring net profit—posted losses for nine consecutive years, with cumulative losses of approximately 16.3 billion RMB. Capacity utilisation also faces challenges—in 2025, passenger vehicle capacity utilisation was only 42.36%, far below the industry health level.
Despite overall performance pressure, the launch of the MAEXTRO S800 stood out as a bright spot. From its launch in May 2025 to the end of the year, cumulative deliveries exceeded 10,000 units. Benefiting from the sales volume of high‑end models, the company's comprehensive gross margin rose to 12.28%, an increase of 1.46 percentage points year‑on‑year, with the passenger vehicle business gross margin reaching 13.7%. On the international front, JAC Group's export growth has been strong, becoming a major driver of sales growth—exports increased from 32,000 units to 133,000 units between 2021 and 2024.
Looking ahead to 2026, JAC Group expects to sell 424,000 vehicles, up 10.4% year‑on‑year, with total operating revenue projected at 65 billion RMB, up 39.58% year‑on‑year. Chairman Xiang Xingchu set a higher target of "450,000 units in sales" in early 2026, while fully promoting the launch and sales of the MAEXTRO MPV S800 high‑end version.
JAC Group has accumulated decades of technological expertise and built a comprehensive technology system spanning traditional powertrains to new energy, and from basic manufacturing to intelligent connectivity. As a pioneer in China's new energy vehicle industry—having entered the NEV field in 2002—the company has systematically mastered the three core technologies of battery assembly, motor, and electronic control, as well as key technologies including energy recovery, drive‑and‑brake electric coupling, remote monitoring, and electromagnetic compatibility. All series products have completed their new energy transition.
In the field of battery safety, JAC Group's independently developed "Honeycomb Battery" technology is one of the company's signature achievements. This technology has been validated through nearly 10,000 explosion tests. Using UE technology with extended wrapping, it achieves electrical and thermal isolation between individual cells, effectively preventing the risk of vehicle fires caused by battery failure, offering an innovative solution for NEV power battery safety.
In the field of intelligence, JAC is actively advancing R&D across four disciplines: intelligent architecture, intelligent driving, intelligent cockpit, and intelligent services. It has established two provincial‑level innovation platforms—Anhui Province's first "Intelligent Connectivity Technology Key Laboratory" and the "Anhui Province Autonomous Driving Industry Innovation Center." On vehicle integration, JAC is focused on promoting a full‑vehicle multi‑domain fusion architecture to enable collaboration across systems such as intelligent driving and intelligent cockpit. In the vehicle‑road collaboration space, JAC is building a vehicle‑mounted heterogeneous hybrid architecture and a collaborative vehicle‑road‑cloud integrated network to meet ultra‑low latency and high bandwidth requirements.
On the platform and chassis front, JAC Group has made the DEFINE Platform its core technical foundation. The DEFINE‑S prototype reflects the company's ability to balance ultimate performance with practical space. Its 1000V high‑voltage platform and 590 kW three‑motor assembly represent JAC's highest technical achievement in the premium electric powertrain space. The DEFINE‑X is centred on the Huawei‑powered ICDC Full‑Domain Wire‑Control Smart Chassis, with 12° rear‑wheel steering and four‑wheel vector response technology significantly improving the manoeuvrability of large SUVs.
In the commercial vehicle technology space, JAC Group has deep chassis expertise. Under the "Star Link No. 1" technology brand, it covers four powertrain routes—fuel, hybrid, pure electric, and hydrogen. At the same time, the company is actively advancing next‑generation AMT, DHT, and other core powertrain technologies, strengthening its lead in commercial vehicle energy efficiency and intelligent connectivity.
On the intelligent manufacturing front, JAC Group jointly created the MAEXTRO Super Factory with Huawei. The factory represents a total investment exceeding 10 billion RMB, equipped with over 1,800 intelligent robots, and achieves full automation and digitalisation across the four major processes of stamping, welding, painting, and assembly, with intelligent flexible customisation capabilities. The factory has established an "atomic‑level" quality management system covering incoming materials, manufacturing, finished products, and delivery. Powered by Huawei's proprietary algorithms and industrial‑grade monitoring robots, the detection accuracy for surface micro‑defects reaches 0.2 mm. During the 2026 Beijing Auto Show, JAC Group also released the automotive industry's first CV quality inspection large model, using AI visual detection to further empower manufacturing quality control.
In the field of communication and networking, JAC Group is building a vehicle‑mounted heterogeneous hybrid architecture and a collaborative vehicle‑road‑cloud integrated network to meet ultra‑low latency and high bandwidth needs, laying the technical groundwork for the commercial application of L3 and above autonomous driving.
JAC Group is a pioneer in the overseas expansion of China's automotive industry, with over 30 years of vehicle export history. To date, JAC Group has exported to 132 countries and regions, established multiple wholly owned subsidiaries and joint ventures overseas, and set up 19 overseas KD plants. It has achieved a multi‑product line presence spanning commercial and passenger vehicles, fuel and electric vehicles, and has made the leap from single‑market trade to full‑chain exports of technology, capital, management, and culture.
The Americas are a strategic priority for JAC Group's overseas footprint. In July 2025, JAC Group's "Super Factory" in Hidalgo State, Mexico, was successfully completed, marking a key step in the company's transition from product exports to value‑chain exports. From the design stage, the factory has adhered to green smart manufacturing principles, integrating water‑saving, energy‑saving, and environmental monitoring systems, with the aim of becoming a "Zero‑Carbon Factory" benchmark. In November of the same year, JAC Group and its Mexican partner GML showcased more than a dozen models—including fuel, hybrid, and pure electric vehicles—at the Mexican ANPACT International Exhibition. In December 2025, JAC Group held a light‑ and heavy‑duty truck product launch in Brazil, where its subsidiary built teams, systems, and sales service networks from scratch, securing 10 light‑truck procurement orders on the spot.
In Europe, JAC Group established a subsidiary in Turin, Italy, in December 2025, marking the full launch of its localised operations in the European market. Turin, known as the "cradle of Italy's automotive industry," serves as JAC's strategic hub for radiating across the European market. By establishing localised procurement, R&D, marketing, and service teams, JAC is laying the groundwork for sustainable growth in Europe.
In Central Asia and the Belt and Road markets, JAC Group successfully participated in the acquisition of Kazakhstan's largest automotive industrial group—the Allur Group—in 2019, making it a key pillar of JAC's international strategy for developing the Customs Union and Central Asian markets. The project's success received public recognition from national leaders, becoming a benchmark case for Chinese enterprises going global under the Belt and Road Initiative.
International Sales. In 2024, JAC Group's overseas revenue reached 23.892 billion RMB, accounting for 56.6% of total revenue. Light‑truck exports in 2024 reached 36,000 units, ranking first in the industry for 14 consecutive years; pickup exports reached 53,700 units, up 26.8% year‑on‑year. In November 2025, the JAC RF8 global vehicle overseas debut and delivery ceremony was held at Hefei Paihe Port, marking the first‑batch delivery of RF8 orders in Latin America. JAC Group's international business has built a global operating system covering market development, sales, after‑sales, branding, compliance, and localised operations, with an export product matrix that balances commercial and passenger vehicles, and oil‑ and electric‑powered models.
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