China’s 30% rise in Apr auto sector profits a one-off?
May 28, 2020 15:30
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The combined gross profit of enterprises in China’s auto industry surged 29.5% on year during April, according to the latest release by China’s National Bureau of Statistics (NBS) on May 27. The sector received a moderate boost from the rise in sales last month – reflecting the lift in demand that had been delayed by the battle against COVID-19 – but market sources warn that the handsome profits would be difficult to repeat.
Last month’s surge in gross profits for the auto sector was in sharp contrast to the 80.4% drop seen in March. NBS did not provide a value figure for last month’s profits but the data showed that for the full January-April period, the sector’s combined profit had declined by a