Chongqing - Afari Technology’s first-half report released on August 24 showed its “AI + vehicles” strategy gaining traction, with revenue rising 22.36% year on year to 5.12 billion yuan (approx. 0.76 billion U.S. dollars) and net profit up 151.25% to 78 million yuan.
Afari Technology, based in Chongqing, aims to develop AI-driven self-driving products. (Photo/Afari Technology)
Headquartered in Chongqing, Afari Technology is a Chinese automotive technology company specializing in intelligent vehicle solutions. The company focuses on integrating artificial intelligence, software and automotive technologies, with business areas covering intelligent driving, vehicle networking and smart mobility services.
Afari Technology spent approximately 1.12 billion yuan on R&D in the first half of the year. Despite increased R&D investment, the company achieved growth in both revenue and profit, with profit growth significantly outpacing revenue growth. The intelligent driver-assistance business was a key highlight of the report. Revenue from the business reached 1.235 billion yuan, accounting for 24.3% of the company's main business revenue. Its user activation rate reached 93%, covering 16 vehicle models.
The business has progressed from R&D and vehicle model designations to large-scale production, delivery and revenue generation, providing strong evidence that the strategy is translating into business results. Of the 1.12 billion yuan spent on R&D, 837 million yuan went to intelligent driver assistance. Continued R&D has supported technological advances, product upgrades and stronger competitiveness.
In its automotive business, amid intensifying price competition in the auto industry, Afari Technology's passenger vehicle gross margin rose from 3.3% to 12.7%. Operating efficiency and profitability improved significantly, stabilizing the company's core operations while strengthening its capabilities in vehicle manufacturing, large-scale delivery and industry collaboration, which provided a foundation for the deeper implementation of its "AI + vehicles" businesses.
The company said its “AI + vehicles” strategy has moved from an early-stage rollout toward broader commercialization, supported by continued technology development, expanded manufacturing capabilities and growth across multiple market segments.
Afari Technology’s transformation from a traditional automaker into an intelligent vehicle technology company is closely linked to its long-standing relationship with Geely.
The company, formerly known as Lifan Technology, saw Geely Group become its largest shareholder through indirect holdings in 2020, helping it recover from financial difficulties. In 2024, Yin Qi acquired part of Geely’s stake in Lifan Technology through his affiliated company for 2.43 billion yuan and was later appointed chairman, leading the company’s shift toward an “AI + vehicles” strategy.
(Li Jiayan, as an intern, also contributed to this report.)