China’s automotive market, the largest in the world, is expected to grow strongly this year in spite of Beijing’s decision to phase out some tax incentives and restrict new car sales in the capital, auto analysts forecast.
General Motors, the largest foreign maker of cars and light commercial vehicles in China, on Tuesday announced sales up nearly 29 per cent year on year in 2010, to 2.35m vehicles – partly as a result of tax incentives that ended on December 31, when a partial purchase tax holiday for small cars was phased out by the government.
Beijing has gradually eroded tax incentives for small vehicles introduced in 2008 to help the Chinese market recover from a temporary hiatus as a result of the global financial crisis.
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