Auto profits continue to rev down in China

Profits from China’s automotive sector totaled 462.3 billion yuan (HK$495.61 billion) last year, down 8 percent, an official from the China Passenger Car Association said on Monday.
Revenue amounted to 10.65 trillion yuan, up 4 percent, while costs rose 5 percent to 9.33 trillion yuan.
The profit margin for the sector averaged 4.3 percent, lower than 6 percent for downstream industrial enterprises, said secretary general Cui Dongshu.
In December alone, profits dropped 13.5 percent from the same period in 2023 to 49.1 billion yuan.
MELODY CHEN