China’s Auto Industry Logs Steady Growth in Jan-Nov 2022

A report from Xinhua on Jan. 20th, 2023:

China’s automobile manufacturing sector led the country’s industrial recovery in the January-November period of 2022, reporting expansion in revenue and profits, industry data shows.

The industrial added value of the sector rose 7.7 percent year on year in this period, 4.4 percentage points higher than the manufacturing industry as a whole, according to the China Association of Automobile Manufacturers.

The combined operating revenue of companies in the sector topped 8.37 trillion yuan (about 1.25 trillion U.S. dollars), up 8.1 percent year on year, at a pace 2.9 percentage points faster than the overall manufacturing industry.

China’s automakers raked in total profits of 476.3 billion yuan in the same period, up 0.3 percent year on year, the data shows.

In 2022, auto sales rose 2.1 percent year on year to 26.86 million units in China, the world’s largest automobile market.