China's Auto Sales Expected to Hit 3.7-3.9 Million This Year
BEIJING, May 15 Asia Pulse - China's sales of motor vehicles are expected to reach 3.7-3.9 million units this year, an increase of about 20 per cent over 2002, according to a forecast made by the China Association of Automobile Manufacturers (CAAM).
Sales of domestically made passenger cars will hit 1.4 million to 1.5 million units this year, according to the association.
Turnover in China's auto industry as a whole is expected to total 770 billion yuan (US$93 billion), and the industry's profits will increase to 60 billion yuan this year, the association predicted.
Some analysts are forecasting that the volume of China's auto market will surpass that of France and rank fourth in the world only after the US, Japan and Germany in 2003.
"We believe China's total yearly vehicle output can hit some 10 million units by 2010 if, conservatively speaking, the industry progresses at a pace of 15 per cent growth annually," said Jiang Lei, CAAM secretary general.
The auto industry, which was predicted to be the hardest-hit manufacturing sector after the country's accession to the World Trade Organization (WTO), achieved stunning growth in production and sales last year thanks to stronger-than-expected domestic demand for vehicles.
Official statistics indicate that China's total auto output increased by 38 per cent on a yearly basis in 2002 to reach 3.25 million units, the first year following WTO entry.
Further highlighting robust growth is the fact that both output and sales of passenger cars made in China topped one million units for the first time last year.
Domestic car makers churned out some 1.09 million passenger cars last year, up 55 per cent from the total in 2001, and sales of domestically-made
_________________________
At the growth rate they're seeing, China will be the largest auto market in the world.
BEIJING, May 15 Asia Pulse - China's sales of motor vehicles are expected to reach 3.7-3.9 million units this year, an increase of about 20 per cent over 2002, according to a forecast made by the China Association of Automobile Manufacturers (CAAM).
Sales of domestically made passenger cars will hit 1.4 million to 1.5 million units this year, according to the association.
Turnover in China's auto industry as a whole is expected to total 770 billion yuan (US$93 billion), and the industry's profits will increase to 60 billion yuan this year, the association predicted.
Some analysts are forecasting that the volume of China's auto market will surpass that of France and rank fourth in the world only after the US, Japan and Germany in 2003.
"We believe China's total yearly vehicle output can hit some 10 million units by 2010 if, conservatively speaking, the industry progresses at a pace of 15 per cent growth annually," said Jiang Lei, CAAM secretary general.
The auto industry, which was predicted to be the hardest-hit manufacturing sector after the country's accession to the World Trade Organization (WTO), achieved stunning growth in production and sales last year thanks to stronger-than-expected domestic demand for vehicles.
Official statistics indicate that China's total auto output increased by 38 per cent on a yearly basis in 2002 to reach 3.25 million units, the first year following WTO entry.
Further highlighting robust growth is the fact that both output and sales of passenger cars made in China topped one million units for the first time last year.
Domestic car makers churned out some 1.09 million passenger cars last year, up 55 per cent from the total in 2001, and sales of domestically-made
_________________________
At the growth rate they're seeing, China will be the largest auto market in the world.
yay!
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