Chinese Auto Market Set for More Growth in 2011
The Chinese auto market, already the largest in the world, is set for strong growth in 2011.
General Motors (GM), the largest foreign automaker in China, expects sales to climb by as much as 15% in line with the wider market, Bloomberg News reported. Volkswagen (VLKAY), Europe's biggest carmaker, is forecasting that the market will grow by at least 10%.
"I would anticipate nothing less than that and we will grow together with the market," said Soh Weiming, Volkswagen's local executive president. A lack of capacity would limit Volkswagen's growth, Soh told Bloomberg.
Chinese car sales rose 34% to 16.4 million through November driven by government incentives aimed at boosting the economy. In 2011, sales could rise to 20 million, analysts say.
Light-vehicle sales in the U.S. may be as much as 12. 8 million units, according to consultancy Intelligence Asia Automotive.