Chinese auto sector’s profits fell 10% on year in Q1 due to rising material costs, Covid-19 outbreaks, sluggish demand

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China's automobile sector saw its profits decline by more than 10% on year in the first quarter due to rising raw material costs, the impact of the Covid-19 outbreaks and sluggish market demand.

Some say the impact of the latest round of Covid-19 outbreaks on the automobile industry could be larger than the initial outbreak in early 2020.

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