China's automobile industry registers steady expansion in 2022

BEIJING - China's automobile industry logged stable growth in 2022, reporting year-on-year expansion in revenue and profits.

The combined revenue of companies in the sector neared 9.29 trillion yuan ($1.37 trillion) in the period, up 6.8 percent year-on-year, according to the China Association of Automobile Manufacturers.

The sector raked in total profits of 531.96 billion yuan, up 0.6 percent from 2021. The growth was 14 percentage points higher than in the manufacturing industry overall during the same period.

Last year, the industrial added value of auto manufacturers rose 6.3 percent from the previous year, 2.7 percentage points higher than the level of major industries, the data also shows.