China continues to lead the world's auto market

Shanghai August 10 (Gasgoo.com) J.D.Power said last week at the annual gathering of automotive management that China's light vehicle sales are expected to reach 15.8 million units this year, accounting for a quarter of the global automotive market share. China will thus continue to consolidate its position as the world's largest auto consumer.

China's auto production reached about 1.23 million in July, up 12.88% year on year, but slightly down 4.34% month on month. China's auto sales in July climbed 17.18% from a year earlier to 1.05 million units, but declined 6.70% m/m.

In January-July 2010, China's auto production totaled 9.71 million units, up 39.42% y/y, and China's auto sales came to 8.24 million units, up 28.58% y/y, according to the China Association of Automobile Manufacturers (CAAM).

Given that China's auto output and sales both broke through the 10 million vehicle sales mark in the first seven months of this year, CAAM has recently lifted its annual sales forecast for the country's auto sales to 16 million units from the early 15 million units.