JAC shares climbed to their daily limit in China on October 16, a day after three government agencies announced a joint investigation into reported brake pedal bracket failures in the Maextro V800, developed by JAC and Huawei. JAC gained 9.98% to 22.37 yuan, following a 22.37% drop between the market open on October 8 and the close on October 15.
The Ministry of Industry and Information Technology said it had formed the investigation team with the Cyberspace Administration of China and the State Administration for Market Regulation. The team will build on earlier investigative work, but the announcement gave no findings on the cause of the failures or the testing methods. Maextro said it would cooperate fully and protect consumers’ rights.
The controversy began with a video published by automotive platform Dongchedi on October 8. It said all three V800s in its test suffered bracket failures between their second and fourth emergency stops from 100 km/h. Testers reported that the brake pedal could no longer be used normally and said they stopped the vehicles with the emergency-braking function activated through the Park button. Maextro said it had received no reports of such failures in customer use since deliveries began, described the test conditions as extreme and non-standard, and offered owners a free upgrade while pledging design and quality reviews.
Launched on August 5, the V800 is a flagship MPV priced from 766,000 to 1,016,000 yuan. Maextro is the highest-positioned brand in Huawei’s Harmony Intelligent Mobility Alliance and targets the premium business-transport segment occupied by models such as the Toyota Alphard and Lexus LM. The joint probe has not yet reported its conclusions.