Industry dynamics

China's automobile industry registers steady expansion in 2022

Publishtime:1970-01-01 08:00:00 Views:22
A heavy truck is assembled on the assembly line of the heavy truck capacity expansion project at the Shaanxi Automobile Holding Group in Xi'an, Northwest China's Shaanxi province, Sept 27, 2022. [Photo/Xinhua]

BEIJING - China's automobile industry logged stable growth in 2022, reporting year-on-year expansion in revenue and profits.

The combined revenue of companies in the sector neared 9.29 trillion yuan ($1.37 trillion) in the period, up 6.8 percent year-on-year, according to the China Association of Automobile Manufacturers.

The sector raked in total profits of 531.96 billion yuan, up 0.6 percent from 2021. The growth was 14 percentage points higher than in the manufacturing industry overall during the same period.

Last year, the industrial added value of auto manufacturers rose 6.3 percent from the previous year, 2.7 percentage points higher than the level of major industries, the data also shows.