(Yicai) Aug. 4 -- Shares in Anhui Jianghuai Automobile Group, better known as JAC Motors, advanced today after the Chinese automaker said it made a profit in the first six months, compared with a loss a year ago, thanks to a big jump in exports.

JAC Motors’ share price [SHA:600418] closed up 1.5 percent at CNY14.85 (USD2). Earlier in the day it climbed as much as 3.8 percent to CNY15.20.

JAC Motors raked in net profit of CNY151.7 million (USD21.1 million) in the six months ended June 30, according to the automaker’s latest earnings report released yesterday. This is a big turnaround from the same period last year when it posted losses of CNY712 million. Revenue surged 26.1 percent over the period to CNY22.5 billion (USD3.1 billion).

The company’s return to profitability is mainly due to a booming exports, which helped boost scale and efficiency, Hefei, eastern Anhui province-based JAC Motors said. It also received CNY485 million (USD67.5 million) in government subsidies, an increase of 54 percent from a year earlier.

JAC Motors logged a 18.5 percent jump in sales in the first half year on year to 278,805 units, according to data released on July 8. Exports surged 83 percent from a year earlier to 89,176 units but electric car sales slumped 16.5 percent to 66,854 units.

JAC Motors, which previously mainly made electric vehicles for new energy vehicle startup Nio, is now developing its own EV brand Yiwei. In April, the firm said it will launch four pure electric cars under the Yiwei marque in the next five years.

The carmaker is also reported to be working with telecoms giant Huawei Technologies to develop a new generation of high-end smart NEVs.

JAC Motors will focus on its new energy Yiwei brand in the future and Huawei will supply the technology for its smart cockpits, a staff member told Yicai Global today. The company also intends to expand its footprint overseas.

Editor: Kim Taylor