Chinese automobile manufacturing industry shows strong growth in Q1
Date
5/13/2024 9:41:02 AM
(MENAFN) According to the latest data released by the China Association of Automobile Manufacturers, China's automobile manufacturing industry witnessed robust growth in the first quarter (Q1) of this year.
During this period, the sector's industrial added value experienced a significant increase of 9.7 percent year on year, surpassing the growth rate of China's overall manufacturing industry by 3 percentage points. This notable expansion underscores the resilience and dynamism of China's automotive sector despite broader economic challenges.
The combined operating revenue of the automobile manufacturing industry reached 2.25 trillion yuan (approximately $316.85 billion), marking a commendable growth of 6.2 percent compared to the same period last year. This uptick in revenue reflects sustained consumer demand and ongoing investment in automotive technology and innovation.
Furthermore, the data revealed a substantial surge in total profits for companies within the sector, with profits soaring by 32 percent year on year to reach 103.95 billion yuan. This impressive growth in profitability underscores the industry's ability to capitalize on market opportunities and optimize operational efficiency amid evolving market dynamics.
Overall, the strong performance of China's automobile manufacturing industry in the first quarter of this year reflects its resilience, adaptability, and strategic positioning within the global automotive landscape. As the sector continues to navigate challenges and capitalize on opportunities, it is poised to play a pivotal role in driving economic growth and innovation in China and beyond.
MENAFN13052024000045015839ID1108206321
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.