Jiangling Motors says first-half profit rises more than 50%

July 5, 2002 Bloomberg is reporting that Jiangling Motors Corp. expects to report first-half profit rose more than 50 percent on increased sales of minivans and pickup trucks developed with venture partners Ford Motor Co. and Isuzu Motors Ltd.

The Jiangxi province-based automaker didn't give a profit figure. Jiangling sold 25,000 vehicles in the first half of the year, up 30 percent from the year-earlier half, it said in a statement. Sales gained 18 percent to 2 billion yuan ($242 million).

Ford has invested about $100 million for a 30 percent stake in Jiangling, helping it make Transit minivans. Isuzu, an affiliate of General Motors Corp., has a separate venture with Jiangling producing pickup trucks. Jiangling also makes its own brand of pickup trucks under the JMC brand.