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Beijing / WAM
China’s automobile manufacturing industry posted a 3.3 percent revenue growth in the first eight months of this year, Chinese news agency, Xinhua, reported.
The sector raked in some 5.7 trillion yuan (about $802.84 billion) during the January-August period, up 3.3 percent, official data from the National Bureau of Statistics (NBS) showed.
In the first eight months of this year, the country’s automobile output reached 16.97 million units, up 4.8 percent year-on-year (YoY). Automobile sales totalled 16.86 million units, rising 1.7 percent 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 percent YoY in August, NBS data showed.
In the first eight months of 2022, the sector’s profit shrank 7.3 percent YoY, with the decline narrowing by 7.1 percentage points over the first seven months.