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Auto giants taste fruits of China market boom
Major US, European and Japanese automakers said their sales in China's auto market had seen a rapid growth in the first six months of this year, an inspiration for most of them who have experienced a slowdown in sales in their home markets.
The international brands recently reported a rise in sales in the China market during the first six months of this year:
GM, the largest US automaker, sold 590,126 vehicles, up 12.7% year-on-year.
Volkswagen AG's sales rose 23.3% to 531,612 units.
BMW increased sales by 28% to 30,325 units.
Toyota, the biggest Japanese car brand in China, sold 34% more cars compared with a year earlier, adding to 285,000 units.
Ford's sales rose 21% to 172,411 units.
Honda Motor sold 21.3% more year-on-year to 186,991 vehicles.
Meanwhile, China's passenger-car sales rose 15% last month to 588,300 units, bringing the first-half total to 3.61 million units, according to China Association of Automobile Manufacturers.
China's auto market has been largely unaffected by high global oil prices because government controls have kept retail gasoline and diesel prices at levels that are among the world's lowest.
Huge investment to expand production
"The Chinese auto market would continue booming, despite the rising prices of raw materials and fuel," said Zhu Linjie, an executive with Honda China, in a statement reported earlier.
He added that Honda was expecting 20% growth in annual sales this year in China, the fastest-growing market for Honda.
President and CEO of Ford Motor China, Robert Graziano, said they were still able to achieve healthy growth through the first half year, despite soaring production cost and keen competition.
Besides, some auto giants are investing to expand production and sales in China, the world's second-largest vehicle market after the United States.
Toyota, the third-biggest foreign car brand in China, said that it was investing RMB $3.6 billion to double the production capacity of one of its plants.
Volkswagen also plans to raise its production capacity in China by adding a new Audi assembly line with a total investment of RMB $1 billion.
BMW will kick off the construction of its second plant later this year, targeting the luxury car market in China.
Other emerging markets include Russia and Latin American, which are top priority for automakers hoping to compensate for the slowdown in the United States and Europe.
The international brands recently reported a rise in sales in the China market during the first six months of this year:
GM, the largest US automaker, sold 590,126 vehicles, up 12.7% year-on-year.
Volkswagen AG's sales rose 23.3% to 531,612 units.
BMW increased sales by 28% to 30,325 units.
Toyota, the biggest Japanese car brand in China, sold 34% more cars compared with a year earlier, adding to 285,000 units.
Ford's sales rose 21% to 172,411 units.
Honda Motor sold 21.3% more year-on-year to 186,991 vehicles.
Meanwhile, China's passenger-car sales rose 15% last month to 588,300 units, bringing the first-half total to 3.61 million units, according to China Association of Automobile Manufacturers.
China's auto market has been largely unaffected by high global oil prices because government controls have kept retail gasoline and diesel prices at levels that are among the world's lowest.
Huge investment to expand production
"The Chinese auto market would continue booming, despite the rising prices of raw materials and fuel," said Zhu Linjie, an executive with Honda China, in a statement reported earlier.
He added that Honda was expecting 20% growth in annual sales this year in China, the fastest-growing market for Honda.
President and CEO of Ford Motor China, Robert Graziano, said they were still able to achieve healthy growth through the first half year, despite soaring production cost and keen competition.
Besides, some auto giants are investing to expand production and sales in China, the world's second-largest vehicle market after the United States.
Toyota, the third-biggest foreign car brand in China, said that it was investing RMB $3.6 billion to double the production capacity of one of its plants.
Volkswagen also plans to raise its production capacity in China by adding a new Audi assembly line with a total investment of RMB $1 billion.
BMW will kick off the construction of its second plant later this year, targeting the luxury car market in China.
Other emerging markets include Russia and Latin American, which are top priority for automakers hoping to compensate for the slowdown in the United States and Europe.
