Shanghai (ZXZC)- Jiangling Motors Corporation (JMC) saw revenue decrease 8.8% in the first half of this year to RMB 14.287 billion while it posted net profit of RMB 319 million, down 42.31% from a year ago, according to the company’s earnings report. During the period, earnings per share for profit attributable to the shareholders of the company was RMB 0.37 compared to RMB 0.64 in the prior year period.

Executives from the company attributed the result to three reasons, the sales fall and the changes in sales structure, the increased promotion cost resulted from fierce market competition and the further investment in R&D of new products and technologies.

In the first six months this year, JMC’s sales volume totaled 147,354 units with a year-on-year decrease of 4.16%. JMC’s performance in passenger vehicle (PV) segment is not that good. Its half-year PV sales plummeted from 28,500 units over a year ago to 8,000 units. 

The decline of the Everest under JMC Ford was up to 40% during the reporting period. However, the company said in the report that its transformation to electrification start to pay off. Its electric light truck model the Conquer has received 5,100 orders.

On August 8, Ford announced it developed the Territory, an all-new midsize SUV, with its joint venture partner, JMC. The new model is slated to go on sale at the beginning of next year.