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JAC shares rebound by daily limit as Maextro V800 brake controversy faces joint probe

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JAC shares rebound by daily limit as Maextro V800 brake controversy faces joint probe

Anhui Jianghuai Automobile Group Corp (JAC, SSE: 600418) shares rose by their daily limit on Friday, after 3 Chinese government agencies announced a joint investigation into brake pedal bracket failures in the Maextro V800, a model it developed with Huawei.

JAC was up 9.98% in China's A-share market at the time of writing, holding at its daily upper limit. The stock had fallen 22.37% from the open on October 8 to the close on October 15.

China's Ministry of Industry and Information Technology said in a statement on the evening of October 15 that it had formed a joint investigation team with the Cyberspace Administration of China and the State Administration for Market Regulation to build on earlier investigative work and handle the matter "in accordance with laws and regulations."

The announcement addressed online reports of brake pedal bracket failures in the Maextro V800 and said updates would be released in a timely manner. It offered no conclusions on the cause of the failures or the testing methods.

Maextro subsequently said in a statement on Weibo that it would fully cooperate with the investigation team, safeguard consumers' legitimate rights and interests, and support the broader development of the new energy vehicle industry.

Richard Yu, chairman of Huawei's consumer business group, reposted Maextro's official statement on his personal WeChat Moments on Thursday and wrote in the comments, "Justice may be delayed, but it will never be absent," according to posts shared by several automotive bloggers.

Maextro, jointly developed by Huawei and JAC, is the highest-positioned brand under Huawei's HIMA (Harmony Intelligent Mobility Alliance).


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