Discerning Chinese consumers and sustained long-term growth prospects have set the stage for an “unprecedented race” among top vehicle makers to match resources with local needs, General Motors head Rick Wagoner said on Tuesday, according to Reuters.
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In a Financial Times newspaper column cited by the news agency, Wagoner reportedly said the motor industry was facing the challenge of balancing global resources with the needs of China’s market.
According to Reuters, Wagoner said China was on course to become the world’s third-largest car market this year, and would eventually pass Japan as number two.
He also reportedly said that in the past car makers had brought outdated models into developing markets as consumers were less discerning, but that approach would not work with more sophisticated consumers in China, where they were able to instantly view new models available anywhere in the world, Reuters added.
