That’s still likely to be the case, though not with the breakneck speed we saw a year ago when light vehicle sales grew 33 percent. China is taking steps to shush their screaming economy by restricting residential property purchases in an effort to avoid a housing bubble. Despite that, IHS Automotive and LMC expect car sales to grow between eight and 10 percent next year.
That growth will be slower thanks to restrictions and disappearing subsidies. The Chinese government removed incentives after 2010 meant to encourage new car buyers into the market while Beijing, this year, imposed a strict quota on new car purchases to cut down on traffic congestion and pollution.
Despite that impediment, Chinese car sales are still expected to grow, which is good news for luxury car makers. Demand for German luxury cars is actually eclipsing the European market, which traditionally consumes the most. With money looking tight across the globe, a 10 percent growth margin is sure to look good for any automaker. For the latest updates on the stock market, visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today
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