Beijing (ZXZC)- JAC Group, one of the major legacy automakers in China, achieved a turnaround in net profit attributable to shareholders in the first quarter of 2023, according to the company’s latest quarterly financial results.

Photo credit: JAC Group

In the first quarter of this year, JAC Group achieved a 21.06% year-on-year increase in passenger vehicle sales, with 78,600 vehicles sold. Meanwhile, its commercial vehicle sector scored a year-on-year sales growth for two straight months, with its quarterly sales reaching 59,600 units. 

In the first three months of this year, JAC Group’s revenue reached 10.769 billion yuan, representing a jump of 10.32% from a year ago. Notably, its net profit attributable to shareholders turned to positive in the first quarter, which came in at 148 million yuan.

JAC Group is also actively expanding its presence in the new energy and intelligent connected vehicle sectors. In Q1 2023, the company's R&D expenses amounted to 370 million yuan, up 25.42% from the earlier year. Its R&D expenses in 2022 stood at 1.537 billion yuan, indicating a growth of 11.85% compared to a year ago, which made R&D the highest growth item among all expenses in the past year.