China auto market to grow by 47 pct by 2004-ING

Newswire

SHANGHAI, Jan 22 (Reuters) - China's auto sales will climb a sharp 47 percent over the next two years as rising incomes, declining import tariffs and more investments by foreign car makers drives demand, ING Financial Markets said on Wednesday. ING told an industry briefing that 3.2 million vehicles were sold in 2002 and it expected the number to leap to 4.7 million by 2004. "Growth is being driven by the fast-growing sedan segment, which accounts for 35 to 40 percent of total industry ...

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