12 Jan '11, 9am

Automakers covet more of China's huge market: DETROIT - HUGE opportunities remain to be mined in China's auto ma...

DETROIT - HUGE opportunities remain to be mined in China's auto market which has yet to reach its full potential and is a coveted El Dorado for global automakers eager to elbow out Chinese brands. 'China will be the number one' again in 2011, insisted new Porsche chief executive Matthias Mueller, on the sidelines of the North American Auto Show. He predicted that in the long run the Asian economic powerhouse will become the top market for the German luxury sports car maker, whose models carry a hefty price tag. Auto sales in China rose more than 32 per cent in 2010 to 18.06 million units, a new record for the world's largest car market. Sales in December rose 17.9 per cent from a year earlier to 1.67 million units, the China Association of Automobile Manufacturers (CAAM) said in a statement. China overtook the United States in 2009 to become the world's largest car market ...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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