No signs of the global recession in China – Car sales up again!
While the rest of the world is worrying about a recession, it seems the Chinese are carrying on as normal:
Car sales soared to a monthly high in January, with Chinese car makers selling 639,000 passenger vehicles, up 32 percent from the same period in 2007 and 6.7 percent up from December, according to the China Passenger Car Association.
January sales exceeded those in the previous month for the first time in recent years. Sedans accounted for three-quarters of the January figure, while sport utility vehicles sales jumped 60.5 percent year on year to 32,000 units, nearly twice as fast as the industry average.
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Another reason why the Chinese market will become increasingly important to the finacial wellbeing of American automakers like General Motors whose North American market share has been deteriorating since the 1970′s. A select few GM cars may be manufactured in Lansing, Michigan like the Cadillac CTS, but I think in the near future GM will ramp up production in its Chinese operations big time and export a car like the upcoming Buick Skylark from China where the labor is cheaper and import it into North America.
Shhhhhhh…….!