Automakers
in China reported 17.14 billion yuan (2.14 billion U.S. dollars) in total profits
in the first half of the year, up 76.56 % from the same period last year, according
to the China Association of Automobile Manufacturers (CAAM).
The automaking
sector's profitability was the highest in the automobile industry which saw overall
profits of 36.77 billion yuan (4.6 billion U.S. dollars) in the six months, an
increase of 59.58 % over the same period last year.
Specifically, the
profits in vehicle refitting, motorcycle making, engine production and auto parts
sector went up 65.56 %, 60.66 %, 59.34 % and 41.08 %, respectively.
The
CAAM said the new consumption tax which raised duties on high-emission vehicles
and cut taxes on low-emission vehicles had helped sales since it was implemented
in April.
Other factors in the profit growth were steel price slump and
the government's promotion of environment-friendly, low-emission cars.
All
the automobile enterprises involved in the statistics are those which have an
annual business volume of five million yuan.
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