Saturday, August 1, 2009

China's Auto Policy: Under-Promise, Over-Deliver?

People's Daily reports some surprisingly strong numbers in terms of the domestic market share of China-branded passenger cars:
In the first half of 2009, Chinese-brand car sales reached 955,300, an increase of 4.21 percentage points year-on-year and accounting for 45.32 percent of the total passenger vehicle sales and 29.45 percent of the total sedan sales respectively.
Compare these numbers with the three-year goals stated in China's recent "
Automobile Industry Adjustment and Stimulus Plan" (which I previously wrote about here). This policy was released only in March of 2009:

自主品牌乘用车国内市场份额超过40%,其中轿车超过30%。

Chinese brands will surpass 40 percent of the passenger car market, among which sedans will surpass 30 percent.

If I read this correctly (and if People's Daily's statistics are to be believed), the State Council's three-year market share goals were achieved about two-and-a-half years ahead of schedule!