Shanghai November 12 (Gasgoo.com) The strength of China's auto industry has increased substantially since the National Development and Reform Commission released the "New Automotive Industry Policy" in 2004. During the seven-year period, the Chinese-brand passenger vehicles' market share has doubled, one year ahead of schedule, Shanghai Securities News reported Friday.
According to the "Auto Industry Restructuring and Revitalization Plan", the State Council announced in 2009 to lead development of the domestic auto manufacturers, the market share of China's own-brand passenger vehicles will surpass 40% by 2011, said Luo Lei, Deputy Secretary-General of the China Automobile Dealers Association.
Sales of Chinese-brand passenger vehicles climbed 45.66% in October from a year earlier to 549,300 units; market share was 3.62% higher than September, said Dong Yang, executive vice chairman and secretary general of China Association of Automobile Manufacturers (CAAM).
The country's passenger vehicles have seen skyrocketing sales since 2004, when its own brand passenger vehicles had a market share of around 20% only, while the figure has gone up to 30% in the first quarter of this year, added Dong Yang.
Small-volume vehicles also had a great performance in China's auto market in recent years, industry analysts said. According to data released by the CAAM, 841,200 passenger vehicles with 1.6L and below displacement were sold last month, up 28.15% year on year. Meanwhile, the proportion of these small-volume vehicles in overall passenger vehicles reached 69.91%, rising 1.95% from September and 0.56% from 2009.
The market share of China's small-volume vehicles will grow to more than 40% next year, of which small cars with displacement less than 1.0L will account for over 15%, in line with the "Auto Industry Restructuring and Revitalization Plan". Moreover, the market share of small cars with displacement less than 1.5L has reached or far exceeded 40% at present, Luo Wei said.
