China is world’s biggest car market
If you need more proof of China’s newfound global supremacy, digest this: China's October vehicle sales clocked 1.2 million units, 72% up from October last year and dwarfing the US’s 838,000 sales. China’s total sales this year stand at 10.9 million vehicles, compared with 8.6 million in the US, making 2009 the first year the US hasn’t dominated world’s sales charts. VW and GM are doing exceptionally well there, with GM alone expecting to sell 1.5 million units this year. Not only are the Chinese buying more, they are also producing more, with BYD attracting Warren Buffet’s money and Geely using Goldman Sachs money to pursue Volvo. Read more: BusinessWeek
