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BIZCHINA> Reports

Car replacements: the new rage

By Tu Lei (chinadaily.com.cn)
Updated: 2007-08-08 16:24

Special coverage: Auto Shanghai 2007
Related publication:
Related readings: Strong vehicle sales drive up profits by 66% Small-displacement car sales decline amid auto boom

Chinese vehicle markets have shifted permanently in favor of replacements, according to the Union of National Passenger Car Market Information.

Rao Da, secretary-general of the association, predicted there would be at least 8.5 million vehicles sold in 2007, one-fifth of which will be consumers' second car. Figures show the number of passenger cars in China increased to 35 million units in 2006 from 12 million in 1997.

The new vehicles sold in Beijing totaled 392,000 in 2006, and the number of second-hand vehicles sold was 320,000 units, up 57 percent from 2005, said Su Hui, general manager of Beijing Asian Game Village Automobile Exchange, adding the transaction volume of second-hand vehicles is expected to reach 500,000 units this year.

...

The full text is available in the August Issue ofAutoChina.

(For more biz stories, please visit Industries)