BEIJING – Profits of seven key Chinese automakers surveyed by China Association of Automobile Manufacturers (CAAM) dropped year-on-year in the first four months of the year, according to the latest data released by the association.
Furthermore, one of the 17 automakers in CAAM’s survey was operating at loss.
Data show that combined output value and revenues of the 17 key automakers increased 13.5 and 10.1 percent on a yearly basis and up 1.1 and 2.5 percentage points compared to the first quarter of this year.
China’s vehicle sales growth rate for the first quarter was 13.2 percent, but that of value declined 4.6 percentage points to 6.4 percent compared to the same period of last year.
One of reasons for the decline of sales value growth is the slowing demand for luxury vehicles including imported ones in the country.
Vehicle import volume in the first quarter dropped 26.7 percent year-on-year to 216,000 units with import value of $8.9 billion, down 29 percent, according to data from General Administration of Customs of China. Average monthly import volume was around 70,000 units in the first three months with a decline of 30 percent.
In export, China sold 86,400 vehicles overseas in May, down 3.4 percent month-on-month and 16.1 percent year-on-year, said CAAM. Vehicle export volume in the first five months reached 402,300 units, up 5.3 percent from the previous year, but down 7.4 percentage points compared to the first four months of this year.
Passenger vehicle export volume through May came to 245,900 units, up 12.1 percent, and commercial vehicles 156,400 units, down 3.8 percent.