Automakers profits up 76 percent
(Xinhua)
Updated: 2006-08-09 14:38
Automakers in China reported 17.14 billion yuan (2.14 billion U.S. dollars)
in total profits in the first half of the year, up 76.56 percent from the same
period last year, according to the China Association of Automobile Manufacturers
(CAAM).
The automaking sector's profitability was the highest in the automobile
industry which saw overall profits of 36.77 billion yuan (4.6 billion U.S.
dollars) in the six months, an increase of 59.58 percent over the same period
last year.
Specifically, the profits in vehicle refitting, motorcycle making, engine
production and auto parts sector went up 65.56 percent, 60.66 percent, 59.34
percent and 41.08 percent, respectively.
The CAAM said the new consumption tax which raised duties on high-emission
vehicles and cut taxes on low-emission vehicles had helped sales since it was
implemented in April.
Other factors in the profit growth were steel price slump and the
government's promotion of environment-friendly, low-emission cars.
All the automobile enterprises involved in the statistics are those which
have an annual business volume of five million yuan.
(For more biz stories, please visit Industry Updates)
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