Filed under: Economics, Environment | Tags: Beijing, Cars, China, General Motors, Nissan
Second largest car market in the world and growing at a frenetic pace. Can the environment withstand such abuse? Time will tell. While certainly China has the right to prosper like any other country (who are we to tell them not to want what we have?) it is still very scary that so many cars are hitting the market everyday. In many ways, the growing market for cars in China but also in India has an effect on the global food crisis.
From the Associated Press:
Auto sales in China are booming, with analysts and automakers forecasting growth at 15-20 percent this year. But demand for the biggest vehicles is even stronger, with sales of luxury cars and SUVs expected to surge by 40-45 percent.
The phenomenon is welcome news for automakers seeing little or no growth in the United States, Europe and Japan. They also make fatter profits from sales of high-end vehicles than from economy models.
Sales have been boosted by economic growth that has topped 10 percent for five straight years and a surge in real estate and stock prices that created a new crop of Chinese billionaires.
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