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| Company type | Public | ||||||
|---|---|---|---|---|---|---|---|
| SZSE:000550 | |||||||
| Industry | Automotive | ||||||
| Predecessor | JMCG truck production division | ||||||
| Founded | 1993; 32 years ago (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, abbreviatedJMC, is a Chineseautomobile manufacturer. According to company and press reports, the largest shareholder of JMC is Jiangling Investment, a company controlled equally by thestate-owned enterprisesChangan andJiangling Motors Corporation Group (JMCG).[2][3]
The history of Jiangling Motors Corporation (JMC) can be traced to a truck repair shop opened inNanchang in 1947 which operated under the nameNanchang 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 onShenzhen Stock Exchange on December 1, 1993, and September 29, 1995, respectively.[citation needed]
In the 1990s,Ford lost a bid against American rivalGeneral Motors for getting ajoint venture deal with the Chinese manufacturerSAIC 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, theFord 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 launchedJMC Yusheng sub-brand, theYusheng S350 SUV.[9]
In 2013, JMC reorganized the heavy truck manufacturer Changan Taiyuan as a wholly owned subsidiary namedJMC Heavy Duty Vehicle.[10] In mid-2021, JMC Heavy Duty Vehicle was sold toVolvo 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 aShanghai-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]
A brand mainly for commercial vehicles
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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 onnew energy vehicles, and presented its first model, an electric light truck.[20]
A brand for pickup trucks and SUVs. Launched in 2023.[21]
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In January 2022, Ford and JMC announced the establishment ofJiangling Ford Automobile Technology (Shanghai) Co., Ltd, a 49:51 joint venture to distribute Ford brand's passenger vehicle in China underFord Beyond brand. Since Ford Motor Company holds a 32% stake in JMC, the controlling shareholder of the joint venture, after equity piercing, Ford actually holds 65.32% of the company's shares, making it a substantially foreign-controlled enterprise.[23]
The Ford Beyond is merely a distribution channel brand, its product are sourced from JMC or directly imported.[24]
JMC produces vehicles under the JMC, JMC Yusheng, Ford and other brands and sub-brands. It has assembly plants around Nanchang (atQingyunpu and the Xiaolan Economic Zone).[25] JMC also has anew energy vehicle plant (the Fushan plant) in the Xiaolan Economic Zone.[26]
The following table includes a list of annual sales according to company's data.
| Year | Total | JMC | Yusheng | JMC Heavy Duty | Ford |
|---|---|---|---|---|---|
| 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 | |||
| 2024 | 341,208 | undisclosed | |||
Although Jiangling Motor is a public-listed company in whichFord Motor Company only holds a minority stake, the former's sales volume is consolidated into the latter's.[28]
Jiangling Transit Ford.
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