China’s domestic auto sales to hit 5 million

China is expected to sell a record 5 million locally made automobiles in the first six months of the year, the latest figure released by the China Association of Automobile Manufacturers showed. The figure was generally in line with the association’s forecast, based on the fact that about 4.5 million automobiles were produced and sold in the first five months of 2008. The production and sales volume rose 17.05% and 18.91% year on year respectively. Of the total, the country produced 3.04 million and sold 3.02 million passenger vehicles during the period, up 16.33% and 17.41% from last year. The production and sales of commercial vehicles hit 1.31 million and 1.32 million respectively, up 18.75% and 22.48%. The top-10 domestic producers, including Shanghai Automotive Industry Corporation (SAIC), China FAW Group and Dongfeng Motors had a total market share of 84.19%. Chery and Geely, two carmakers widely regarded as flag-bearers of Chinese homegrown brands, ranked seventh and tenth respectively. (June 10, 2008)