JAC Chairman Anjin is under disciplinary investigation

Unexpectedly, Amgen, who had worked at JAC Automobile for 47 years, was eventually dismissed.
According to a report from the Anhui Provincial Commission for Discipline Inspection and Supervision: An Jin, the former party secretary and chairman of Anhui Jianghuai Automobile Group Holdings Co., Ltd., is suspected of serious violations of discipline and law and is currently undergoing disciplinary review and supervisory investigation by the Anhui Provincial Commission for Discipline Inspection and Supervision.

In fact, last year there was news that Amgen was under investigation. At that time, some media reported that An Jin, the former party secretary and chairman of JAC Group, was under investigation by relevant organizational departments, or that he was suspected of violating laws and regulations during his time in charge of JAC Group. In response to relevant reports, JAC did not issue an announcement to refute the rumors. Instead, it rarely responded to the news of Amgen’s investigation through a work report briefing.

On July 15, 2023, Jiangxi Automobile Group held a work briefing meeting. At the meeting, Xiang Xingchu, Party Secretary, Chairman and General Manager of Jiangxi Automobile Group Holding Company, briefed Jiangxi Automobile Group’s production and operations in the first half of 2023 and key tasks in the second half of the year. It was arranged that Anjin, Wang Zhiyuan, Li Debin, and Wang Dongsheng, the old leaders of Jiangxi Automobile Group Holding/Jiangxi Automobile Group Co., Ltd., as well as Wang Delong, Yin Xingke, Zhang Peng, and Song Hua, members of the Party Committee of Jiangxi Automobile Group Holding Company and deputy general managers of Jiangxi Automobile Group Co., Ltd., attended the briefing.

JAC Group also specifically emphasized that the old leaders are the contributors to the development of JAC Group, a valuable asset to JAC Group’s cause, and an important force in promoting the high-quality development of JAC Group.
Although JAC Group did not publicly directly refute the news that Anjin was under investigation, the article was a side response, “If it is investigated, can I still participate in the work report meeting as the ‘soul figure’ of JAC Group?” And as Anhui Province The Commission for Discipline Inspection and Supervision reported that Amgen was under investigation, and AutoTimes discovered that the article had long been deleted.
Before Angen was dismissed, they included Xu Heyi, former party secretary and chairman of Beijing Automotive Group Co., Ltd., Yin Jiaxu, former party secretary and chairman of China Ordnance Industry Group Co., Ltd., Qi Yumin, former party secretary and chairman of Brilliance Automotive Group Holdings Co., Ltd., China Xu Jianyi, Party Secretary and Chairman of FAW Group Corporation, and other well-known automobile company leaders have been investigated one after another.

Anjin is a native “Jiang Automobile man” and a “second generation factory”. His father was the old factory director of JAC Motors.

Information shows that Anjin was born in April 1957. He has been working for JAC since he started working in March 1975. He has 47 years of working experience in the automobile industry. He has served as the director of the General Quality Office of Hefei Bus Factory, JAC Deputy director and director of the Automobile Research Institute of Automobile Co., Ltd., director and deputy general manager of the technical center of JAC Automobile Co., Ltd., vice chairman and president of Anhui JAC Automobile Group Co., Ltd., and general manager of Anhui JAC Automobile Co., Ltd.

In February 2012, JAC Motors issued an announcement announcing that Zuo Yan’an resigned as chairman of JAC Motors due to retirement reasons and was replaced by An Jin, the then general manager. In April 2021, JAC Motors issued an announcement announcing that Anjin would resign as chairman due to retirement reasons and would be replaced by Xiang Xingchu, the then vice chairman and general manager. At this point, the head of JAC Motors has completed the transfer of power, and Amgen, which has served four years over its age, has officially come to an end.
During Amgen’s tenure as the top leader of JAC, external reviews were mixed.
In February 2012, Amgen took over JAC Motors from Zuo Yan’an. At that time, JAC Motors was at its peak. JAC passenger car business had achieved annual sales of 448,800 units. However, in the future, JAC Motors will The passenger car field has been unable to develop. While other car companies are making great strides in development, when Amgen retires, JAC Motors will even be worse than before, with sales of more than 400,000 vehicles by 2023.

In 2016, JAC Automobile reached a cooperation with NIO to OEM ES8, ES6, EC6 and other models for NIO to avoid going to the edge of the market. However, the partnership will expire in May this year. NIO previously purchased JAC Automobile assets, thereby achieving independent car manufacturing and no longer relying on JAC Motors.

In 2017, Jianghuai Automobile Group and Volkswagen Group established JAC Volkswagen Co., Ltd., with JAC and Volkswagen China each holding 50% of the shares. Both parties launched the Sihao brand, but the brand soon died. Later, Volkswagen China expanded its equity and will hold 50% of the shares. The proportion was increased to 75%, and the company name was changed to “Volkswagen (Anhui) Co., Ltd.” In other words, Jiangxi Automobile Group has no say in the joint venture.

In 2023, Jianghuai Automobile announced that it would cooperate with Huawei and would jointly build the “Jie” brand in the future and become a member of Huawei’s Hongmeng Smart Selection. Its first model is priced at up to one million, which is comparable to Mercedes-Benz Maybach, but High selling price means no sales.

Of course, JAC Motors is also developing new energy vehicles. In April 2023, JAC Motors released its new energy passenger car brand, JAC Y, focusing on the market worth RMB 70,000 to RMB 150,000, and anchored the revenue target of “one million vehicles + RMB 100 billion” in 2025. Two months later, JAC Y3 was launched, with a price range of 89,900-127,900 yuan. Retail data shows that as of December 2023, Yttrium 3 has sold a total of 11,384 units, compared with 578 units in the first two months of this year.

The financial report shows that from 2017 to 2022, JAC has deducted non-net profit losses for six consecutive years, with a cumulative loss of more than 9 billion yuan. On January 30, Jianghuai Automobile released its 2023 performance forecast. It is expected to achieve a net profit attributable to the owners of the parent company of about 136 million yuan in 2023. Compared with the same period last year, there will be a turnaround, but non-net profits will be deducted. The probability is probably negative, but the loss is significantly narrower than in 2022.

Affected by the investigation of former chairman Anjin, JAC’s stock price fell 3.9%, with the latest market value of 36.51 billion yuan.

Leave a Reply

Your email address will not be published. Required fields are marked *