Chinese auto industry profits increased 70% y-o-y in Q1

China's automobile industry enterprises realized a total profit of 12.754 billion yuan in the first quarter of this year, an increase of 69.9%. Said the Ministry of Commerce Statistics, released by the China Association of Automobile Manufacturers yesterday.

Enterprises with the most prominent total profit growth are Geely Group, China Heavy Truck Company and Chery Motors, the sales growth is 28.9 times, 5.5 times and 4.1 times year on year. The 3 enterprises profit growth were mainly contributed to their market strategy: Geely Group launched two new models last year, which have been in mass production, and their sales have been making a new high; meanwhile Geely overseas joint-venture production and sales are as good as expected; China Heavy Truck Company strengthen technological advantages to transfer technical superiority into market advantages, and continuously explore international market. Chery company's sales grew rapidly (more than 45%), because the Group is strengthening the management of enterprises and reducing business costs substantially.