Peking. China’s auto manufacturing sector posted strong expansion in terms of revenue and profit in the first five months of the year.
The combined operating income of the companies in the sector exceeded 3.63 trillion yuan (502.5 billion US dollars), an annual increase of 14.3 percent, according to data from the China Association of Automobile Manufacturers.
The country’s automakers made total profits of 174.62 billion yuan during the period, up 24 percent from a year earlier, according to the same sources.
A report by global consultancy TrendForce said that Chinese new energy vehicle brands are expected to occupy 9 percent of the market for these cars in Western Europe by 2023, up from 6 percent last year.
Meanwhile, China strongly opposes the Netherlands’ planned export controls on semiconductor manufacturing equipment, the Chinese embassy in the country said.