China’s auto industry expands steadily in ’23

China’s automobile manufacturing industry experienced strong growth in 2023, with industrial added value increasing by 13 per cent year on year, 8 percentage points higher than the overall manufacturing industry, Xinhua reported on Tuesday.

The sector’s operating revenue reached 10.1 trillion yuan, up 11.9 per cent from the previous year, while total profits rose by 5.9 per cent to 508.63 billion yuan, the state’s news agency reported citing data from the China Association of Automobile Manufacturers.