About 18.5 million cars were sold in China last year. By 2020, that could exceed 30 million vehicles.
The Beijing Motor Show has therefore become the most important new vehicle show in the world.
The Chinese market is not dominated by luxury vehicles, though. General Motors sold more vehicles in China than the US last year but made $1.5 billion profit from its Chinese joint ventures compared to $7.2 billion profit in the US.
Even so, luxury brands are increasingly finding their way into the lucrative Chinese market and not just via imports. Most are now setting up manufacturing bases there to capitalise on the huge growth of the industry.
Here’s a selection of headlines from the Beijing Motor Show: •GM says plans to add one new Cadillac model per year through to 2016, building them in Shanghai •BMW expects double-digit percentage sales growth in China this year •Volvo to launch 10 new models in China by 2020 •Honda to spend ¥46 billion on new car and engine plants in China, but no plans to sell hybrid technology to Chinese car makers •Mitsubishi Motor aims for at least 100,000 annual sales of Mirage model each year in China, will produce it in China by 2014. •Mitsubishi Motor aiming for China sales of 300,000 in 2015 vs 164,000 in 2011 •Audi sees China surpassing US to become world’s largest luxury car market by 2015 •Hyundai expects 2012 car sales to reach 800,000 in China, maintain market share of 6.2% •Ford Asia chief says plans to expand vehicle portfolio in China to lower price level than Fiesta model
There was no mention of the carbon emissions from the growing Chinese fleet.
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