13 Dec '11, 2pm

Audi on track to sell 1 million cars in China over next 3 years: BEIJING (REUTERS) - The head of Audi AG's China...

BEIJING (REUTERS) - The head of Audi AG's China operations brushed off worries about a slowdown hitting the world's largest auto market and said it was on track to sell 1 million cars there over the next three years. Audi, the biggest luxury carmaker in China and which competes with BMW, Daimler AG's Mercedes-Benz, racked up stellar sales in China this year as the luxury segment of the market held strong despite a sharp downshift in the overall market. China's once booming car market climbed only 5.3 per cent in the first 11 months after jumping 33 per cent and 53 per cent, respectively, in 2010 and 2009. The cooling has been attributed to a raft of factors, from the end of tax incentives for small cars to local authorities' initiatives aimed at easing ever-worsening traffic congestion. 'This is the first year of the three-year period where we'd like to reach this target t...

Full article: http://www.straitstimes.com/Motoring/Story/STIStory_74446...

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