Chinese Auto Market Set for More 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.