Jiangsu province produces 20 percent more vehicles in Q1

2009-04-30 Nanjing

Automakers from China’s Jiangsu province produced 99,000 vehicles during the first quarter of 2009, increasing 21.3 percent from 77,000 units in the same period of a year earlier. Retail sales totaled approximately RMB23 billion (US$3.37 billion), a year-on-year rise of 11.1 percent. However, profits generated from the sector in the first two months plunged 61.2 percent over the corresponding period of a year prior due to the current financial downturn, well above the average of 8 percent across the province’s entire machinery and equipment sector.