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The Chinese Association of Automobile Manufacturers has revised up its forecast for this year's passenger car sales in the country to 11.1% as it anticipates a robust economic recovery in the second half of this year.
The forecast was up from the 9.5% predicted earlier this year. The CAAM predicted that passenger car sales would total 16.09 million units in 2012, including 2.07 million SUVs, which would jump 30% from the year before.
The CAAM did not change its forecast for growth in overall vehicle sales in 2012. It predicted overall vehicle sales would grow 8% to crack the 20 million mark this year.
"Even if the economy did not turn out better than at present, overall vehicle sales will grow at least 5% as long as there are no massive countering policies," argued Shi Jianhua, deputy secretary-general at the CAAM.
More than 9.6 million vehicles including 7.61 million passenger cars were sold in China in the first half of 2012, up 2.9% and 7.1% year on year respectively.
Sales by the top 10 automakers racked up to 8.45 million vehicles, up 4.5% year on year and representing 88% of total sales, up 1.4 percentage points from a year earlier.
@2011 China Economy @ The China Perspective.
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