GM sees auto industry revival in '05

General Motors' Chief Executive Rick Wagoner forecast a recovery in China's auto market by mid-2005, saying the country was still on track to become GM's second biggest market by the end of this year. After several months of rollercoaster sales figures, Wagoner said he was optimistic that the market was leveling out, although growth would likely be relatively slow for the coming six months. GM's China earnings fell to US$80m in the third quarter, down from US$142m in Q2. Auto industry watchers expect China's car sales to rise 10-20% for the whole of 2004 after more than doubling in 2003 to about 2m sedans.