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News from China Association of Automobile Manufacturers announced that Chinese vehicle sales reached 10.9 million units in the first ten months of this year, up 37.8 percent year-on-year. In the year of 2009, it will be a year of milestones for many automakers in China. The volume of production and sales hit a record"s high.
However, it not means that Chinese auto market has no problem and the global economic downturn does not impact China. The robust growth of the domestic auto market so far this year is generally attributed to the government"s massive stimulus package, including tax cuts and vehicle upgrade subsidies for rural residents. Currently, many Chinese automakers are preparing to expand production capacity for next year.
Auto experts predict that the global auto market is still in downturn because many countries’ tax cut policy ended and the fuel price is higher and higher. Many investors are still confused about the economic trend.