China auto sales to hit 10 million units
UPI cited Chinese officials as saying that, they expect domestic auto sales spurred by a strong economy to reach 10 million units in 2008 up by 15% YoY from last year.
Mr Dong Yang head of the China Association of Automobile Manufacturers said business vehicle growth has slowed while demand for passenger cars continues to be strong.
The report said Association figures showed that domestic sales totaled more than 4.3 million vehicles in January to May 2008 up by 17% YoY from the same period of 2007.
The report quoted the official while speaking at an industry meeting said the Chinese government will speed up restructuring the industry with emphasis on security, environment protection and energy saving. He also said that the sharp increases in the prices of raw materials such as iron and steel were expected to reverse the trend of declining auto prices.
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