China’s automobile manufacturing industry posted positive revenue growth in the first eight months of this year, official data showed.
The sector raked in some 5.7 trillion yuan (about US$802.84 billion) during the January-August period, up 3.3 per cent, according to the National Bureau of Statistics (NBS).
In the first eight months of this year, the country’s automobile output reached 16.97 million units, up 4.8 per cent year on year. Automobile sales totaled 16.86 million units, rising 1.7 per cent compared with the same period of 2021, according to the China Association of Automobile Manufacturers.
Pro-consumption policies helped boost the industry’s profit by 100 per cent year on year in August, NBS data showed.
In the first eight months of 2022, the sector’s profit shrank 7.3 per cent year on year, with the decline narrowing by 7.1 percentage points over the first seven months.