China auto manufacturing industry profits up 19.8pct y-o-y in Q1-Q3, NBS

Profits of China’s major auto manufacturing firms surged 19.8 percent year on year in the first nine months, with the growth rate down 0.6 percentage point from that in January-August, according to the National Bureau of Statistics (NBS).

The auto manufacturing companies, or those with annual revenues of more than 20 million yuan (3.15 million US dollars) each, saw their profits amount to 353.35 billion yuan in the first nine months.

Operating revenues of these large auto firms grew 15.9 percent year on year to 4.32 trillion yuan in the January-September period.

In the first nine months of 2013, auto sales in China reached 15.88 million units, up 12.7 percent year on year, while the output amounted to 15.94 million units, a rise of 12.8 percent from a year ago, according to the China Association of Automobile Manufacturers (CAAM). (Edited by Olivia, Olivia@tireworld.com.cn)