China?s auto sales, already No. 1 in the world,?will increase by 7% this year, the China Association of Automobile Manufacturers?said in a forecast?on Friday.
Sales will climb to 20.6 million units in 2013 from a record 19.3 million last year, the association said.?Shipments last year rose 4.3% from 2011, the association said.
More growth?should be?good news for overseas automakers such as Ford and GM that?have invested heavily in the country. Ford said on Monday that it set an annual record in China in 2012, selling more than 626,000 vehicles wholesale.? (See related story about Ford in China here.)
One reason for the promising outlook in 2013 is a favorable economic climate in China, an association official said on Friday. ?Another: export demand. The country exported 1.05 million cars last year, an increase of 29.7% from a year earlier.
Growth in China?s auto industry has fueled the fortunes of private-sector owners of auto makers.? Among them, ?Geely Automobile?chairman Li Shufu ranked No. 60 on the 2012 Forbes China Rich List with wealth of $1.4 billion. Geely, whose?shares trade in Hong Kong, ?said this past week shipments for all of 2012 climbed by 15% from a year earlier to 483,483. (See related story here.)
? Click here for a link to the Forbes China Rich List 400
? Follow me on Twitter @rflannerychina
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