China’s auto industry posted stable growth in 2022, with revenue and profit rising year-on-year, according to data released by the China Association of Automobile Manufacturers (CAAM) on Friday.
The combined revenue of companies in the sector came close to 9.29 trillion yuan (1.37 trillion US dollars) in the period, up 6.8 percent year-on-year, according to CAAM.
The sector made total profits of 531.96 billion yuan in 2022, up 0.6% from the previous year. Growth was 14 percentage points higher than that of manufacturing as a whole during the same period.
Last year, the industrial value added of automakers rose 6.3 percent from a year earlier, 2.7 percentage points above the level of major industries, the data showed.
Meanwhile, the association’s data suggests that China’s auto exports posted steady growth in the first month of 2023. 301,000 vehicles were exported in January, up 30.1% from a year ago. In the same month, exports of new energy vehicles rose 48.2% year-on-year, to 83,000 units.
However, vehicle production and sales volumes declined in January. The country recorded 1.59 million units in production and 1.65 million units in sales last month, falling 33.1 percent and 35.5 percent, respectively, from December 2022.
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By the first quarter of 2023, there are still difficulties in sustaining the growth of the Chinese auto industry and political support is needed to boost auto consumption, CAAM said.
The association’s data suggests China’s auto exports recorded steady growth in the first month of 2023
Recently, various government departments announced that they will continue to stabilize and expand automobile consumption, with relevant policies being implemented in many regions. These measures will inject confidence in the automobile market.
Article republished from the Chinese state media CGTN within the framework of an agreement between both parties to share content. Link to the original article: https://news.cgtn.com/news/2023-02-11/China-s-automobile-industry-registers-steady-expansion-in-2022-1hkvln5hCrS/index.html
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