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October 6, 2020

2020 China automaker profits up

China's auto manufacturing sector rallied in the first eight months of 2020 as the auto market maintained its recovery momentum, industry data cited by China Daily showed.

By Olly Wehring

China's auto manufacturing sector rallied in the first eight months of 2020 as the auto market maintained its recovery momentum, industry data cited by China Daily showed.

Profits of the auto manufacturing sector rose 1.5% year on year to CNY308.48bn (about US$45.3bn) from January to August, an improvement from the 5.9% drop seen in the January-July period, according to the China Association of Automobile Manufacturers, citing data from the National Bureau of Statistics.

The sector's profits accounted for 8.3% of all profits among industrial companies with annual revenues of more than CNY20m.

Business revenues in the sector stood at CNY4.79 trillion, falling 1.8% year on year, narrowing 2.6% from the January July period.

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, China Daily noted.

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