Beijing (ZXZC)- On August 30, FAW Group’s commercial vehicle arm FAW Jiefang released its financial results for the first half of 2024 (H1 2024), showing robust growth. The company achieved a semi-annual revenue of 35.602 billion yuan, which rose 7.84% year on year.

Photo credit: FAW Jiefang

In the reporting period, FAW Jiefang’s net profit attributable to shareholders came in at 478 million yuan, growing 19.16% from a year ago. Its adjusted net profit attributable to shareholders reached 284 million yuan, which is 86.8% higher than that of the previous year.

In H1 2024, FAW Jiefang capitalized on growth opportunities in the heavy-duty truck, export, and new energy sectors, significantly outpacing the overall industry growth. The company sold 149,100 vehicles during the period, representing a 13.37% increase year-on-year. Medium and heavy-duty truck sales reached 122,900 units, up 9.43% from a year ago.

FAW Jiefang’s net profit margin improved to 1.34%, up 0.13 percentage points year -over -year.

Domestically, the company leveraged the booming natural gas heavy-duty truck market, with domestic sales of such vehicles reaching 108,800 units in H1, which soared 104% year on year.

Globally, FAW Jiefang expanded its presence in key regions like Africa and Southeast Asia, securing multiple large orders. The automaker’s exports in H1 2024 grew 37.2% from a year ago to 35,500 units. The establishment of a wholly-owned subsidiary for international commercial vehicle trade is expected to further enhance FAW Jiefang’s profitability through integrated global operations.