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China expects to sell 10 million vehicles in 2008, CAAC says
Shanghai. December 29 (Gasgoo.com) – China has sold more than 8.5 million vehicles this year and is expected to sell about 10 million vehicles in 2008, an official from China Association of Automobile Manufacturers said this week.
By November this year, China has become world third largest automaker after the United States and Japan. In the first 11 months of this year, China sold 7.95 million vehicles, up 23.19 percent from one year earlier.
By the end of September 2007, China has 118 million privately owned vehicles in use, up 7.22 percent from one year earlier and private-owned automobiles accounts for 61.25 percent of China’s total automobile in use.
The CAAC official expects a double digit growth of China’s automobile industry in 2008. “It is reasonable to believe that car consumption will maintain a strong growth next year as China expects a strong GDP growth as high as 11 percent,” the unnamed official said.
Market research indicates a great potential in China’s automobile market: China has less than 50 vehicles per thousand people, but number is 120 on world average and 850 in the United States.
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