Global manufacturers to invest billions of dollars
Global carmakers unveiled ambitious investment plans during the Beijing Car Show yesterday as a way to meet rising vehicle demand and improve their market positions in the country.
Carmakers are set to pour billions of dollars into the mainland car industry and are employing different business strategies, such as enlarging production capacity and enhancing distribution networks, to increase market share.
'We expect China's automobile market will still record 15 per cent growth, although industry experts estimated an average 8 per cent year-on-year growth,' said Chrysler Asia chief executive Philip Murtaugh.
In order to tap the robust demand, some carmakers believe technology is the most important factor to lead the competition, especially as domestic brands are also gearing up with advanced models.
General Motors, the world's largest carmaker, plans to continue pushing hybrid engine technology in the mainland market.
The company, which has a joint venture with SAIC Motor Corp, will keep investing US$1 billion per year in the country.