Developing Asia: short-term weakness after strong 2002 sales
Vehicle sales in the developing markets of the Asia-Pacific region rose sharply last year, despite the increasingly uncertain global economy, political instability, and rising oil prices. Despite the negatives, low interest rates and government policies focusing on internal growth helped keep the economies of most Asian countries on track. Overall, vehicle sales in the region grew by almost 22% last year top almost 7.8m units, with China once again being the main driving force behind regional growth. Nevertheless, barely a single automotive market in the region performed negatively last year. Tony Pugliese reports.
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