From January to August of 2007, driven by factors such as exports, passenger transport, public transportation, and tourism, China's passenger car industry achieved a total of 153,000 passenger cars sold, a year-on-year increase of 22.8%. The industry maintained a prosperous and stable growth, with the largest increase in passenger cars. A total of 18,000 vehicles were sold, an increase of 39% year-on-year, far higher than the passenger car market growth rate.
With the increase of residents’ income and the convenience of travel caused by the increase of freeways, the increase in passenger traffic and the increase in the number of residents’ travel have greatly boosted the new demand for long-distance buses and tourist buses. Overall, macroeconomic Steady growth is fundamental. In recent years, the increase in demand for Chinese passenger cars in the international market has become a new growth point. The common prosperity of these two domestic and foreign markets has laid a solid foundation for the sustainable development of the bus industry.
In addition, since the reform and opening up, Chinese passenger cars have speeded up their exchanges with outstanding foreign companies. Through the introduction of technology and joint ventures, the technical level and management level of passenger car companies have made rapid progress. According to statistics, there are more than 30 companies that have technical cooperation and joint ventures with foreign companies in the industry. Almost all outstanding passenger car companies in the world have found cooperative partners in China. It is this eclectic accumulation that has greatly accelerated the progress of Chinese passenger cars. Improving the international competitiveness of Chinese bus companies.
The Yutong and Jinlong strong Hengqiang in bus companies will eventually grow into world-class enterprises. While the market share of the domestic market is constantly rising, both companies are actively exploring the international market and increasing their export intensity. Due to the cost advantage of manufacturing in China, their competitiveness in the international market continues to increase. We believe that by increasing overseas exports, the cyclical nature of the industry will gradually weaken, and companies will maintain a long-term and stable growth.
As the current passenger car market is monopolized by Yutong and Jinlong, and the growth is stable, we believe that the industry is unlikely to have a price war. In a long period of time, the increase in the sales volume of the passenger car market mainly comes from the demand for new domestic passenger cars and the development of foreign markets. We maintain our judgment that the passenger car market will maintain a steady growth trend.
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