business

Chinese automakers see profits rise 6.6 pct from January-October

BEIJING, Nov. 27 (Xinhua) — China’s auto manufacturing sector saw profits rise 6.6 percent year on year to 421.15 billion yuan (about 64.05 billion U.S. dollars) in the first 10 months of 2020, industry data showed on Friday.

The growth picked up from the 3 percent gain seen in the first three quarters, according to the China Association of Automobile Manufacturers (CAAM), citing data from the National Bureau of Statistics.

The sector’s profits accounted for 8.4 percent of total profits among industrial companies with annual revenues of more than 20 million yuan.

Earlier CAAM data showed China’s auto market maintained recovery momentum in October, with sales rising 12.5 percent year on year to 2.57 million as the market warmed alongside government policies to spur consumption.

Auto sales totaled 19.7 million in the first 10 months, down 4.7 percent year on year.

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