China's auto production is expected
to grow by 20 per in 2004 to 6 million vehicles, possible passing
Germany as the world's No.3 producer, an industry association
said last Saturday.
China is the world's fastest-growing
auto market as rising incomes make it possible for millions to
buy their vehicles. Forergn auto makers are investing billions
of dollars in expanding production in China to meet booming demand.
China produced 5.1 million vehicles
last year, and the figure is expected to grow by 20 percent this
year, said Zhang Xiaoyu, vice president of the China Federation
of Machinery Industry.
Germany produced 5.5 million vehicles
in 2004, the No.3 producer behind the United States and Janpan.
Auto sales grew by 15 per last year,
though that was below the growth rate of the previous year ad
customers waited for lower prices as China allows in more imports.
Prices are believed to have hit a low
point, so sales should rise again this year, Zhang said.
"This market potentials have been
delayed, which does not mean the lack of market demand,"he
was quoted as saying.
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