Auto industry profit grew 65.79% in 1H

According to an industry body, China's automobile industry saw a 65.79% profit rise in the first half of this year, amid fierce market competition and wide-ranging price cuts.

Statistics from the China Association of Automobile Manufacturers show that major domestic automakers reported a total profit of RMB 30.21 billion (US$3.99 billion) in the first six months, up RMB 11.99 billion year on year.

The auto industry created an industrial value-added output of RMB 109.15 billion in the first half this year, up 34.13% year on year.

Among the 16 major automakers, 14 saw this year's core business revenue higher than that of the same period last year, except Hafei Automobile Group and Changhe Automobile Co.

The top 3 automakers, First Automotive Works Corp (FAW)<000800>, Shanghai Automotive Industry Corp (SAIC)<600104> and Dongfeng Motor Corp<600006><489>, all recorded revenues of more than RMB 80 million in the first half, compared to a total of RMB 486.38 billion for all the 16 firms.

The three giants were followed by Guangzhou Automobile Group, Beijing Automobile Industry Corp, Changan Automobile Group, Brilliance China Automotive Holdings Ltd, China National Heavy Duty Truck Group Co (Sinotruk), Chery Automobile Co and Jianghuai Automobile Group.