Multinational carmakers defied slowing economic growth in China last year, lifting their lead over Chinese rivals in the world’s largest automotive market.
Sales of passenger cars, SUVs and minivans increased 9.9 per cent year-on-year to 19.7m units in 2014, the Chinese Association of Automobile Manufacturers said yesterday. That was significantly below the 16 per cent annual growth recorded in 2013, when 10 times more cars were sold in China than in India.
Overall vehicle sales, including buses and trucks, increased 6.9 per cent to 23.5m units. CAAM projected the market would grow 7 per cent this year, to more than 25m vehicles.
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