Profits of Chinese Automobile Manufacturing Industry Falls Sharply in the First Quarter of 2023

According to data compiled by the China Association of Automobile Manufacturers based on data from the National Bureau of Statistics, in the first quarter of 2023, the profit of the automobile manufacturing industry was 81.94 billion yuan, a year-on-year decrease of 24.2%. But the decline narrowed 17.5 percentage points from January-February.

In the first quarter of 2023, the profit margin of the automobile manufacturing industry was 3.8%, a decrease of 1.6 percentage points from the same period, accounting for 5.4% of the total profits of industrial enterprises above designated size.