China’s auto producers’ profit decline
The rising raw material costs and the tough competition in Chinese auto market led to a significant decrease in the China's auto manufacturers' profit. The latest data from the China Automotive Industry Association show that the country's total auto industry profit fell 48.2 percent year on year to RMB 22.6 billion (around $2.8 billion) in the first six months of the year. Furthermore, the profits on the manufacture of cars dropped 50.04 percent, on auto engines 30.5 percent and on spare parts 29.2 percent during the same period.