“In recent years, China has become the world’s fastest growing automotive producer,” according to a new report (pdf) from the Congressional Research Service.
“[China’s] annual vehicle output has increased from less than 2 million vehicles in the late 1990s to 9.5 million in 2008. In terms of production volume in 2008, China has surpassed Korea, France, Germany, and the United States, trailing only Japan.”
“China’s automobile industry has continued to expand despite the global economic downturn. From January to October 2009, more than 10 million vehicles were sold in China. If such growth continues, China is on its way to becoming world’s largest auto market,” the CRS said.
See “The Rise of China’s Auto Industry and Its Impact on the U.S. Motor Vehicle Industry,” November 16, 2009.
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