China's Thirst For Cars Overtakes U.S.
The United States has been the largest market for automobile sales since the advent of the Model T. But in 2009, China's demand jumped a whopping 46 percent over the year before, as the American market slumped.
13.6 million cars were sold in China in 2009, while American sales slumped 21% to 10.4 million.
From Bloomberg News: "China's vehicle ownership climbed to 51 million by the end of 2008 from 1 million in 1977. Per capital disposable income for Chinese households increased 46-fold in nominal terms during the period, also making the country the world's biggest markets for products such as cell phones, beer and microwave ovens.
GM and Volkswagen have targeted growing Chinese demand to compensate for slumping sales in the U.S. and Europe."
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Published on Monday, January 11, 2010 in
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