Shanghai (ZXZC)- JAC Motors is forecasted to post a net loss attributable to shareholders of 146 million yuan ($20,866,378) for the first half of 2020, a nosedive from the net profit of 125,114,300 yuan ($17,881,386) gained in the year-ago period, according to the company's announcement.

(Photo source: JAC Motors)

Excluding the impact of certain non-recurring gains and losses, the Jan.-Jun. net loss is likely to reach roughly 652 million yuan ($93,184,100), versus the profit of 63,737,700 yuan ($9,109,418) garnered a year ago.

This is just an estimated result that has been audited by certified public accountants.

To be specific, the Hefei-based automaker recorded a net loss of 356 million yuan ($50,932,813) in the first quarter, while the performance took a favorable turn in the second quarter where it gained a net profit of 210 million yuan ($30,044,637). Due to the impact of the COVID-19 pandemic, the company saw its sales of complete vehicles and chassis drop 10.97% over the previous year to 209,379 units, which directly led to the downturn in the Jan.-Jun. profit of major operations.

JAC Motors is ambitious to sell 450,000 vehicles and chassis in 2020. As of June, it has already completed 46.5% of the target, which is quite a high completion rate among Chinese major automobile groups. SAIC Motor, the giant that sold most vehicles, only fulfilled 34.2% of its annual goal.

Notably, PVs accounted for only 32% of JAC's first-half sales, while the 29.81% slump the PV sector logged should be entirely blamed for the company's overall downturn.