China passenger car sales up 63% in March

China’s car sales are turbo charged and poised to keep growing in the short term and possibly long term as well. March 2010 sales in the Chinese market soared by 63% and officials are forecasting over 17 million units this year. GM reported an increase of 68%, Ford was up a whopping 84% and the lot goes on. How high can they go is anyone’s guess but this year will cement China as the world’s largest auto market for the foreseeable future.

From the Detroit News:

Shanghai — China’s passenger car sales jumped 63 percent in March from a year earlier as manufacturers scrambled to meet strong demand driven by tax cuts and government subsidies, a state-affiliated industry group reported today.

Passenger car sales rose to 1.26 million vehicles in March, according to the China Association of Automobile Manufacturers.

Weak sales in the United States and a surge in car purchases by newly affluent Chinese buyers helped to make this the world’s largest auto market last year, when total vehicle sales jumped 45 percent over 2008 to 13.6 million units.

Read the full article here.


Photo from fOTOGLIF

  

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