NBS: China's auto industry profits decline 20% YoY over Jan-Jul

Over January-July, total profits of China’s automotive industry slumped by 20.4% on year to Yuan 216.24 billion ($32.17 billion), according to the latest data released by China’s National Bureau of Statistics (NBS) on August 27. The decline was mainly caused by rising prices for components such as memory chips, industrial metals and lithium carbonate, although exchange rate fluctuations and fierce domestic competition also contributed, Mysteel Global learned.

"The automotive sector is facing significant upstream cost pressures (as) sharp increases in oil prices, coupled with a surge in prices of non-ferrous metals and semiconductors, have weighed heavily on the industry," said Cui Dongshu, secretary general of the China Passenger Car Association, via his WeChat account on Thursday. "Retail consumers