Chinese automakers’ H1 profits down 20.7 pct

Chinese automakers’ H1 profits down 20.7 pct


BEIJING, Aug. 1 (Xinhua) — China’s auto manufacturing sector saw profits fall 20.7 percent year on year to 190.42 billion yuan (about 27.26 billion U.S. dollars) in the first half of 2020 due to the impact of the COVID-19 pandemic, industry data showed.

The decline narrowed 12.8 percentage points from the drop seen in the first five months 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 7.6 percent of the total profits among industrial companies with annual revenue of more than 20 million yuan, up 1.1 percentage points from the share for the January-May period.

Earlier CAAM data showed China’s auto market maintained recovery momentum in June, with both production and sales registering double-digit growth.

Total output reached 2.33 million units in June, up 22.5 percent year on year, while sales hit 2.3 million units, up 11.6 percent.

During the first half of the year, China’s auto production and sales stood at 10.11 million units and 10.26 million units, down 16.8 percent and 16.9 percent year on year, respectively.

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