'China's auto market growth may halve to 7% this year'
Growth in China's auto market, the world's biggest, will halve to seven per cent this year weighed down by a slowing economy, Dong Yang, secretary general of the China Association of Automobile Manufacturers (CAAM), told reporters on the sidelines of an industry conference in Shanghai on Saturday.
"The economy is slowing. The auto industry would reflect that but typically lags the economic cycle by a bit," he added. CAAM had forecast China's auto market, which grew by 13.9 per cent last year, to expand at 8.3 per cent in 2014. Dong said CAAM will not make any official revisions to its forecast.
Carlos Ghosn, head of Japanese carmaker Nissan Motor Co Ltd (7201.T: Quote, Profile, Research) and its French alliance partner Renault SA (RENA.PA: Quote, Profile, Research), told the same conference he was still optimistic about China's outlook.
"The economy is slowing. The auto industry would reflect that but typically lags the economic cycle by a bit," he added. CAAM had forecast China's auto market, which grew by 13.9 per cent last year, to expand at 8.3 per cent in 2014. Dong said CAAM will not make any official revisions to its forecast.
Carlos Ghosn, head of Japanese carmaker Nissan Motor Co Ltd (7201.T: Quote, Profile, Research) and its French alliance partner Renault SA (RENA.PA: Quote, Profile, Research), told the same conference he was still optimistic about China's outlook.