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Chinese automakers’ profits down 5.9 pct in Jan-July

Abstract : China's auto manufacturing sector saw the decline in its profits narrow in the first seven months of 2020 as the auto market maintained recovery momentum, industry data showed.

BEIJING, Aug. 28 (Xinhua) — China’s auto manufacturing sector saw
the decline in its profits narrow in the first seven months of 2020 as
the auto market maintained recovery momentum, industry data showed.

The sector’s profits fell 5.9 percent year on year to 251.45 billion
yuan (about 36.5 billion U.S. dollars), narrowing 14.8 percentage points
from the drop seen in the first half of the year, according to the
China Association of Automobile Manufacturers (CAAM), citing data from
the National Bureau of Statistics.

The sector’s profits accounted for 8.1 percent of the total profits
among industrial companies with annual revenue of more than 20 million
yuan, up 0.5 percentage points from the share for the January-June
period.

Business revenue of the sector stood at 4.07 trillion yuan, edging
down 4.4 percent year on year, narrowing 3.6 percentage points from the
first half.

CAAM data also showed the July’s automobile output reached 2.2
million, up 21.9 percent year on year, while sales hit 2.1 million, up
16.4 percent year on year.

China’s auto market, which was hit hard by the COVID-19 epidemic,
started to recover in April, thanks to unleashed pent-up demand and
supportive policies. Enditem

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Source: Chinese automakers’ profits down 5.9 pct in Jan-July

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