The China Association of Automobile Manufacturers (CAAM) forecasts that the Chinese vehicle market is on track to hit 10% growth in new vehicle sales in 2010.

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That would take China’s annual new vehicle market to a staggering 15m units.


CAAM reported earlier this week that sales of domestically produced vehicles totalled 13.64 million units in 2009, surging 46.2% on the year.


CAAM based its 2010 estimate on continued government measures and robust consumer demand. Merrill Lynch Japan Securities Co. projects that the Chinese market will grow to 15.5 million vehicles this year.


After slowing in late 2008, China’s vehicle market recovered strongly in 2009 due to government stimulus measures, including aggressive cuts in sales tax for small cars.


Tax breaks to promote sales of cars with engines up to 1.6 litres fuelled helped to boost the overall passenger car tally by 52.9% to 10.33m units.

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