Company type | Public limited company | ||||||
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SZSE: 000550 | |||||||
Industry | Automotive | ||||||
Predecessor | JMCG truck production division | ||||||
Founded | 1993 | ||||||
Headquarters | , China | ||||||
Key people |
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Products | Automobiles | ||||||
Production output | 281,594 (2022) [1] | ||||||
Revenue | CN¥30.10 billion (2022) [1] | ||||||
CN¥0.90 billion (2022) [1] | |||||||
CN¥0.86 billion (2022) [1] | |||||||
Total assets | CN¥27.47 billion (2022) [1] | ||||||
Total equity | CN¥9.24 billion (2022) [1] | ||||||
Owners |
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Number of employees | 12,339 (December 2022) [1] | ||||||
Divisions |
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Subsidiaries |
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Chinese name | |||||||
Simplified Chinese | 江铃汽车股份有限公司 | ||||||
Traditional Chinese | 江鈴汽車股份有限公司 | ||||||
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Website | jmc.com.cn |
Jiangling Motors Corporation Limited, abbreviated JMC, is a Chinese automobile manufacturer. According to company and press reports, the largest shareholder of JMC is Jiangling Investment, a company controlled equally by the state-owned enterprises Changan and Jiangling Motors Corporation Group (JMCG). [2] [3]
The history of Jiangling Motors Corporation (JMC) can be traced to a truck repair shop opened in Nanchang in 1947 which operated under the name Nanchang Motors Repair Factory. A JMC predecessor started assembling vehicles in 1968. The company was granted the approval of Jiangxi Province Economic Restructuring Commission to be reorganized to establish a joint stock limited company on February 20, 1993. JMC A shares and B shares were listed on Shenzhen Stock Exchange on December 1, 1993, and September 29, 1995, respectively.[ citation needed]
In the 1990s, Ford lost a bid against American rival General Motors for getting a joint venture deal with the Chinese manufacturer SAIC Motor. [4] In 1995, as part of its push for getting new Chinese partners, Ford acquired B shares equivalent to a 20% equity in JMC, becoming the second-largest shareholder. [5] [6] In 1996, JMC began selling its products in overseas markets, initially Egypt and the Middle East. [6] As of 2021 [update], the largest overseas market by volume for JMC is Chile. [7] In 1997, JMC and Ford started the production of their first joint product, the Ford Transit, with JMC supplying various key components (as engines and axles) [6] and Ford the design. In 1998, after JMC issued additional B shares, Ford upped its stake to 30%. [5] [6] In 2013, Ford purchased more B shares, increasing its stake to over 30%. [8]
In late 2010, Jiangling released the first passenger vehicle of JMC under the newly launched JMC Yusheng sub-brand, the Yusheng S350 SUV. [9]
In 2013, JMC reorganized the heavy truck manufacturer Changan Taiyuan as a wholly owned subsidiary named JMC Heavy Duty Vehicle. [10] In mid-2021, JMC Heavy Duty Vehicle was sold to Volvo Trucks. [11] Volvo Trucks later terminated the acquisition agreement, leaving JMC Heavy Duty Vehicle as a JMC subsidiary. As of May 2023 [update], JMC Heavy Duty Vehicle production and sales are suspended. [12]
In December 2021, JMC and Ford established a Shanghai-based joint venture focused on the production of passenger cars. The venture is called Jiangling Ford Motor Technology (Shanghai) Company (Jiangling Ford). JMC owns a 51% and Ford a 49% of its stake. [13]
JMC produces vehicles under the JMC, JMC Yusheng, Ford and other brands and sub-brands. It has assembly plants around Nanchang (at Qingyunpu and the Xiaolan Economic Zone). [14] JMC also has a new energy vehicle plant (the Fushan plant) in the Xiaolan Economic Zone. [15]
A brand mainly for commercial vehicles
A brand for passenger vehicles.
In June 2023, JMC unveiled Lexing (Chinese: 乐行; pinyin: Lèxíng; lit. 'Happy travel'), its first sub-brand aimed to only be used on new energy vehicles, and presented its first model, an electric light truck. [18]
A brand for pickup trucks and SUVs. Launched in 2023. [19] Dadao literally translates as "Big road", perhaps implying the chinese concept of Dao.
Year | Total | JMC | Yusheng | JMC Heavy Duty | Ford |
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2010 | 178,999 | 126,641 | - | - | 52,358 |
2011 | 194,588 | 135,993 | - | - | 58,595 |
2012 | 200,008 | 134,485 | 8,346 | - | 57,177 |
2013 | 230,006 | 148,061 | 14,160 | 392 | 67,785 |
2014 | 275,858 | 177,036 | 26,708 | 38 | 72,076 |
2015 | 262,756 | 165,512 | 19,651 | 33 | 77,560 |
2016 | 281,019 | 163,219 | 37,346 | 52 | 80,402 |
2017 | 310,028 | 211,672 | 29,151 | 636 | 68,569 |
2018 | 285,066 | 218,257 | 6,892 | 1,516 | 58,401 |
2019 | 290,058 | 189,317 | 1,551 | 1,080 | 98,110 |
2020 | 331,098 | undisclosed | |||
2021 | 341,008 | undisclosed | |||
2022 | 282,008 | undisclosed | |||
2023 | 310,008 | undisclosed |
Though Jiangling Motor is a public-listed company which Ford holds minority of its stake, the sales volume of Jiangling Motor, including Ford and non-Ford brands, are all consolidated into Ford. [22]
Jiangling Transit Ford.