Posted on 30 Nov 2022
Over January-October, China's automobile manufacturing sector posted the first on-year gain in profits this year, with the value increasing by 0.8%, as against the 1.9% on-year decline in the first nine months, Mysteel Global learned from the new data released by the country's National Bureau of Statistics (NBS).
The on-year rise was largely thanks to China's stimulus measures to boost auto consumption, which supported the country's auto sales to maintain the rapid growth, NBS noted.
In the past 10 months, the sector's profits amounted to Yuan 425 billion ($59 billion), or contributing to 6.1% of total profits gained by sizable Chinese industrial enterprises at Yuan 6.98 trillion.
Sizable industrial enterprises are those with each annual main business revenue of at least Yuan 20 million, Mysteel Global understands.
In parallel, China's automobile manufacturing sector achieved Yuan 7.49 trillion in its business revenue over January-October, up 8% on year, or higher by 1.3 percentage points than that in the first nine months, the NBS data showed.
Total sales and production of automobiles across China during January-October grew by 4.6% and 7.9% on year to reach 22 million and 22.2 million units respectively, as Mysteel Global reported.
Source:Mysteel Global
