Five Chinese automakers hit 1-mln sales each in '09

Shanghai, January 29 (Gasgoo.com) Five auto companies in China each sold more than 1 million vehicles last year, with SAIC and FAW retaining their top 2 lead, media reported this week.

The five Chinese automakers in the one-million-unit league by sales in 2009 are: SAIC Motor (2.72 mln), FAW Group (1.95 mln), Dongfeng Motor Corp (1.89 mln), Changan Auto Group (1.87 mln) and Beijing Auto Group (1.24 mln). These companies aim to achieve higher sales this year.

China's top ten companies, with Guanzgou Auto, Chery, BYD, Brillaince China and Geely as the next five, sold a total of nearly 11.9 million vehicles last year, accounting for 87% of domestic sales.

There were 13.65 million new vehicles sold in China in 2009, up 46.2% year-on-year. The Chinese auto market may reach a sales target of 15 million units this year, with growth slowing down but remaining in the double digits.

With sales mainly boosted by its stimulus measures, China has overtaken the U.S. as the world's largest auto market. The government has decided to continue its incentives for the auto sector, including subsidies and tax cuts.