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Business

China carmakers boosting earnings on government support despite slowdown

Cars made by a joint venture between Hyundai Motor of South Korea and BAIC Motor of China are on display in Guangzhou, Guangdong Province, in April. BAIC Motor incurred a profit fall in 2015, reflecting slower sales of cars by its joint venture partner Hyundai.

BEIJING -- Chinese automakers are enjoying vastly expanded earnings in spite of the general slowdown in China's economy, thanks to generous financial support from the government.

     New car sales in China showed a small increase of 4.7% in 2015. But seven of eight major listed Chinese automakers expanded sales by 20-60% in the business year ended last December, while six registered profit gains.

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