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Caixin

China automakers call for stimulus as coronavirus carnage bites

Handouts for electric vehicle companies to run through 2022: Finance Ministry

Auto Manufacturers' profits plunged 80.2% in the first quarter, according to data from China’s National Bureau of Statistics.    © Reuters
LIU YUKUN and LU YUTONG, Caixin | China

The shine was already coming off China's auto sector. Then COVID-19 struck, buckling supply chains and hitting sales hard.

Car manufacturer profits plunged 80.2% in the first quarter, more than twice the average industrial profit slump of 36.7%, according to data from China's National Bureau of Statistics.

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