The China Association of Automobile Manufacturers (CAAM) is forecasting that China’s vehicle market will grow 10% in 2010 if the government maintains the hugely successful tax incentives that have boosted the market this year.
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“This year’s growth could be around 30 percent and 10 percent is foreseeable next year,” Dong Yang, secretary general of CAAM told reporters on the sidelines of an industry forum, Reuters reported.
China’s car market has surged this year on the back of government stimulus measures which have reduced taxes on purchase for cars up to 1.6 litre engine displacement.
Car sales in China grew 76% year-on-year to 946,400 units in October, as government stimulus policies continued to boost demand.
Data released by the CAAM also showed. that total vehicle sales reached 1.23m units in October, up 72.5% from a year earlier.
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