Mainland automakers likely to miss domestic sales targets

The mainland’s carmakers will probably miss their domestic sales targets this year as flagging consumer confidence forces car buyers to tighten their belts, the South China Morning Post reported. China saw vehicle sales grow by 22% to 8.8 million units last year and was expected to see sales of 10 million units this year, representing growth of 14%. But the paper said that this growth seems unlikely as economic growth is sagging due to macroeconomic policies aimed at fighting inflation as well as concerns over credit markets. Automotive Resources Asia, a division of JD Power, recently lowered its growth forecasts for the mainland auto market to 10% for this year, down from 15%.