China has overtaken Japan to become the world's second-largest car market after the US. Car sales jumped 37% in 2006, the China Association of Automobile Manufacturers (CAAM) said.
Total passenger car sales rose 30.02% to 5.18 million units. Analysts said that newly affluent drivers had boosted sales, with some predicting China may overtake the US by 2015. Overall, Chinese vehicle sales jumped 25% during 2006 to 7.22m units.
On Monday, General Motors said total annual sales in China totaled 876,747 units, up 32% from 2005.
Bottom line: amazing opportunities even if income per capita is less $5000/year.
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