Chinese auto industry takes off, suffers losses
The Chinese automobile industry made approximatly $10 billon in 2006, up 46 percent from 2005, according to figures released today by the China Association of Automobile Manufacturers.
China's auto industry also increased the number of auto vehicles sold by 25 percent, selling 7.22 million auto vehicles in 2006. The CAAM report predicts that the auto market demand will reach 8 million this year.
China now surpasses Japan to become the world's second largest auto market, behind the United States.
However, the report also said that about 40 percent of auto dealers in China suffered heavy losses, with 700 out of 1800 car companies in the red.
Nonethless, car companies will continue invest in China. And by next year, analyst estimated that the first Chinese manufactured cars will hit the U.S.
Source: Zee News International Edition, "China`s automakers earn USD 10 bn ‘06." 2007 Feb. 19.
China's auto industry also increased the number of auto vehicles sold by 25 percent, selling 7.22 million auto vehicles in 2006. The CAAM report predicts that the auto market demand will reach 8 million this year.
China now surpasses Japan to become the world's second largest auto market, behind the United States.
However, the report also said that about 40 percent of auto dealers in China suffered heavy losses, with 700 out of 1800 car companies in the red.
Nonethless, car companies will continue invest in China. And by next year, analyst estimated that the first Chinese manufactured cars will hit the U.S.
Source: Zee News International Edition, "China`s automakers earn USD 10 bn ‘06." 2007 Feb. 19.
posted by Deanna Tran at 1:02 PM
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