Chinese automotive market set to outstrip Japanese output 12th February 2004
China will overtake the Japanese automotive market in a matter of years according to new analysis from a senior executive at General Motors.
The automotive industry heavyweight says that the rapidly growing market in China will outstrip Japan's 'in a couple of years' to become the world's second biggest vehicle market.
John Devine, General Motors' chief financial officer, told the Financial Times that the firm had 'under-called' the strength of the Chinese market in the past and was now convinced of major growth.
China produced 4.4 million commercial vehicles last year, which itself was an increase of 35 per cent on the previous year, leaving it 1.6 million vehicles behind Japan's total output.
Mr Devine said GM anticipated double-digit growth 'for some time' as the economy continued to grow in the region.
China is already the world's fastest growing automotive market, with a number of industry players now establishing major bases there.
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