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IC chips crunch, high steel prices hit China’s auto sector

ABSTRACT

Over May 1-20, China’s 11 major automakers produced 983,000 vehicles, according to new data from the China Association of Automobile Manufacturers (CAAM), representing an on-year fall of 10.7% which it blamed on the shortage of auto semiconductors and on robust input materials prices. The carmakers report their output statistics to CAAM every ten days which the association summarizes and publishes, Mysteel Global notes.
Other data from the country’s National Bureau of Statistics (NBS) show that during January-April, the gross profits of China’s auto sector rose by 157.5% on year to around Yuan 180 billion ($28.2 billion), mainly reflecting the low base number during the first four months of 2020 when China was struggling

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