China's January 2011 Auto Sales Increased Nearly 14% Following 32% Full Year Gain in 2010 and 99% Full Year Growth in Imported Luxury Car Sales
China’s appetite for luxury import automobiles is expected to double this year, says a sales and logistics company.
China Auto Logistics Inc. (CALI), which recently announced that it had achieved a key goal in 2010 of extending coverage of its popular automobile portal (www.cali.com.cn) to 35 cities in China, added that it anticipates reporting another year of solid growth for its luxury imported auto sales segment in 2010.
Further, the company believes double digit growth in China’s world leading auto market, which has continued into January of this year, will fuel continuing company-wide growth of its websites, imported luxury auto sales and auto related services and logistics businesses.
The company said it continues to anticipate reporting record results for 2010 when full year results are published on or about March 31, 2011.
Tong Shiping, CEO and chairman of CALI, stated, “CALI very fortunately is a key participant in the right industry at the right time, and we fully anticipate this will drive the company’s continuing growth for the foreseeable future.”
According to The China Association of Automobile Manufacturers (CAAM), China’s automobile production and sales grew to 18.26 million and 18.06 units respectively, representing year over year gains of 32.44% and 32.37%, making it once again the number one market for auto sales in the world. Further, according to CAAM, double digit advances have continued this year, with January gains in auto sales of 13.81% to 1.89 million units, and automobile production increasing 11.33% to 1.79 million units.
In the luxury imported auto segment, China’s 2010 sales in units grew 93% year over year to 813,000 vehicles. At the same time, the value of imported luxury cars sold in 2010 grew even more, reaching $30.7 billion, up approximately 99% over sales in 2009. Tong noted, “The biggest winners in this category according to CAAM, were Japan and Germany, with the former generating import sales of 254,800 vehicles, up 75.45% over the prior year, and the latter growing 140% year over year to 239,300 vehicles. In the current year, we believe sales of imports will grow to more than one million vehicles.
“While there was much speculation about whether the ‘China Miracle’ could continue in 2010 given world economic conditions, ” Tong said, “as confirmed by China’s National Bureau of Statistics, China’s GDP growth for the year was 10.3% which catapulted its $5882 billion economy into the number two spot in the world ahead of Japan ($5440 billion). Further, it is anticipated by the Chinese Academy of Science that GDP growth in 2011 will continue at around the 10% level.
“With these anticipated levels of growth,” Tong said, “and building on our significant accomplishments in 2010, we see another strong year for CALI in 2011.”
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