China car imports jump 93% in 2010

Imports of foreign cars nearly doubled last year in China, AP reported. The China Association of Automobile Manufacturers stated that imports rose 93% year-on-year in 2010, to reach US$30.64 billion, or 813,600 units. In contrast to recession-hit Western markets, the Chinese car industry has witnessed an explosion in demand, with a record 13.7 million vehicles sold last year. SUVs led the import market at 351,400 vehicles, up 69% year-on-year, while China imported 89,900 sedans, more than double the previous year’s figure. Separately, GM (GM.NYSE, GMM.U.TSX), said that it is keen to explore the potential to export vehicles manufactured in China, with South America and South Korea the initial target markets. The company already has 11 joint ventures in the country, but is looking to slash costs in order to compensate for renminbi appreciation and become more competitive both domestically and overseas.