China Association of Automobile Manufacturers (CAAM)
Beijing - WAM
More than 24 million vehicles will be sold this year in the world's largest auto market, the China Association of Automobile Manufacturers (CAAM) has forecast.
China's vehicle output is also expected to top 24 million units this year, which will account for a quarter of the world's total production and make the country the world's biggest car producer, said CAAM Vice President Dong Yang as quoted by state-run news agency, Xinhua.
According to the CAAM, 21.98 million vehicles were sold in China in 2013, up 13.87 percent year on year. Output last year stood at 22.12 million units, up 14.76 percent.
In the January-August period, both sales and output topped 15 million units, even though the growth rates moderated to 7.67 percent and 8.61 percent, respectively.
During an exhibition in Beijing showcasing joint ventures between Chinese and foreign car companies, Dong said that such cooperation has made enormous contributions to China's auto industry, helping it to foster talent and master advanced manufacturing technologies.
China will use this joint-venture experience to build homegrown brands, while deepening cooperation with foreign firms in research and development, he added.