Here is the latest report on China's auto sales. This report came out three hours ago .
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China's Auto Sales – Kicking Into Gear?
Posted By:Lee Brodie
Topics:Stock Market Stock Picks
Companies:Gerdau S.A. Mittal Steel Company NV Pohang Iron & Steel Co., Ltd.
It's no secret that China was bound to eventually overtake the U.S. as the world's largest auto market, but recent developments have accelerated that trend. Chinese vehicle sales in January and February exceeded U.S. monthly sales for the first time ever.
And now, preliminary figures show the trend continuing. Auto sales in China reached about 1.03 million in March, exceeding U.S. sales for the third month in a row.
Data from 14 major auto makers, accounting for roughly 90 percent of total sales, totaled 1.026 million, the Shanghai Securities News and other state-run newspapers said, citing Chen Bin, head of the Department of Industry at China's main economic planning agency.
By comparison, Americans bought 857,735 new vehicles in March, down 37 percent from the 1.36 million sold in the same month a year earlier, according to Autodata Corp.
There is still the touch for American products that drive sales around the world. Will we still have companies in America that produce the products the world wants? Stay tuned.