The Beijing auto show starts on Monday at a time when China’s auto market has begun softening after a decade of breakneck growth. The days when car sales could surge 46 percent in one year – as they did in 2009 – are gone, say many industry executives and analysts. Most see growth falling off to an average of 7-8 percent this decade.
Unfortunately for car makers, slower growth comes just as new entrants appear in the market and existing competitors add to their offerings.
“There are more brands and more products in China than ever before, and that’s making market conditions suddenly more competitive and tough for everyone,” said Li Shufu, chairman of Zhejiang Geely Holding Group Co. and Sweden’s Volvo…
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