China Passenger Car Association: The auto industry's profit in 2022 will be 532 billion yuan, and the sales profit margin will be only 5.7%

Cui Dongshu, secretary-general of the China Passenger Car Association, recently wrote that the automobile industry's revenue in December 2022 was 917.4 billion yuan, a year-on-year decrease of 4%; costs were 771.6 billion yuan, a decrease of 5%; profits were 55.7 billion yuan, a year-on-year increase of 3%; the automobile industry's profit margin was 6.1% , which is still relatively low compared with the average profit margin of 7% for the entire industrial enterprise.

According to reports, from January to December 2022, the automotive industry's revenue was 9290 billion yuan, an increase of 6.8%; costs were 7983.3 billion yuan, an increase of 7%; profits were 532 billion yuan, and overall profits increased by 1% year-on-year. In 2022, the overall profit performance of the automotive industry was not strong, with a sales profit margin of only 5.7%, a significant decline from the historical normal level .

Data from the China Association of Automobile Manufacturers show that in 2022, automobile production and sales reached 27.021 million and 26.864 million respectively, up 3.4% and 2.1% year-on-year respectively .

In terms of new energy vehicles, China's new energy vehicles continued to grow explosively in 2022, with production and sales reaching 7.058 million and 6.887 million vehicles respectively, year-on-year growth of 96.9% and 93.4% respectively, and a market share of 25.6% .

The China Association of Automobile Manufacturers previously said in its outlook for 2023 that it believes that with the implementation of relevant supporting policies and measures, it will further stimulate market players and consumer vitality, and is full of confidence in the economic recovery throughout the year. In addition, problems such as chip supply shortages are expected to be greatly alleviated in the new year, and it is expected that the automobile market will continue to show a stable and positive development trend in 2023, showing a growth of about 3% .

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