Submitted by newshound on Wed, 10/21/2009 - 12:31
Participants watched the 10 millionth vehicle -- a new model Jiefang (or Liberation) truck -- roll off from the assembly line in FAW, China's oldest automotive group founded in 1953. The company produced China's first domestic model under the Jiefang brand in 1956.
China's automotive industry has sustained a robust growth despite the global economic slowdown this year, thanks to the government support package for the sector at the beginning of the year.
Under the package, the government lowered the purchase tax on cars with engines under 1.6 liters from 10 percent to 5 percent, allocated allowances to farmers to upgrade farm vehicles and to mini-truck and mini-van owners to upgrade their vehicles.
As a result, the country's auto output surged 78.85 percent year-on-year to 1.36 million units in September, while total sales hit a new monthly high of 1.33 million units, up 77.88 percent from a year earlier, the CAAM announced in a release on Oct. 13.
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