The first quarter of 2023 saw a reduction of 24.2% in the profit of the vehicle manufacturing business, according to figures prepared by the China Association of vehicle Manufacturers using data from the National Bureau of Statistics. This amounted to 81.94 billion yuan. However, the drop slowed by 17.5% between January and February.
The auto industry profits were significantly lower than the last year
The auto industry’s profit margin dropped to 3.8% in Q1 2023, down 1.6 percentage points from the prior year, and represented 5.4% of the overall profits of industrial companies above defined size.
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