In China more than 13 million vehicles were sold last year. More than the United States.
The final figure compared with annual sales of 10.4 million cars and light truck sold in the United States, the lowest level in 27 years. It was also well above the 10 million vehicle sales that China had originally targeted for 2009.
The Chinese tally, which also includes heavy vehicles, is still higher than that of the US after deducting roughly 650,000 units of heavy trucks, according to Orient Securities, making it the world’s biggest auto market.
Industry observers attributed China’s strong auto sales largely to government policy initiatives, which had effectively lifted market sentiment and attracted buyers back to showrooms.
Reuters reports the market was likely to return to a slower but more rational growth rate of roughly 10% in 2010 on continued policy support from the government even though the renewed tax incentives for small cars are not as aggressive as expected.