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China overtook the U.S. as the world's largest car market in January. AP on Wednesday quoted Guotai Junan Securities as saying that car sales in China in January are estimated at 790,000 units, more than the U.S.' 656,900. This is the first time that China overtook the U.S. in monthly sales.
U.S. car sales fell sharply, dampened by slackening demand amid the global financial turmoil, down 37 percent in January on-year and the lowest monthly level in 27 years. The Big Three were hit hardest -- GM's sales were down 49 percent, Ford's 40 percent, and Chrysler's 55 percent. But car sales in China lost only 8 percent.
A senior GM executive projected China's car sales for this year at 10.7 million units, ahead of the U.S.' 9.8 million, AP said. In 2008, China came second with sales of 9.38 million, as against the U.S.' 13.2 million.
The Chinese government will also provide subsidies to farmers who buy small, 1.3-liter or less vehicles from March in an effort to support the auto industry.
(englishnews@chosun.com )
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