According to a Dow Jones report citing the state-run China Automotive Technology and Research Center, China’s car sales in the first 11 months of 2002 reached 1.02 million, the first time the figure has passed the one million mark within a single year.
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In November alone, 112,521 passenger cars were sold, an official at the research centre told Dow Jones, but didn’t provide a year-on-year comparison for the first 11 months or for the month.
Dow Jones said industry officials have long predicted that China would pass the one million mark this year, forecasting about 50% growth in the passenger car market.
A rise in income coupled with cheaper cars and a greater choice of models has helped spur the rise this year.
Expectations that China’s entry into the World Trade Organisation would cut import tariffs on cars, put downward pressure on the prices of domestic models, leading to the slashing of prices at the start of the year.
Chinese consumers have enjoyed an increasing variety of models from which to choose as the government allows more foreign car makers to invest in the country, the Dow Jones report noted.
