Single Digit Autos Growth Is Short-Term Norm

As expected, growth in China's total vehicle sales was much slower in 2011 than the 32% year-on-year (y-o-y) recorded in 2010. Sales rose just 2.5% to 14.5mn units, slightly surpassing BMI's expectations for sales of 14.34mn. Although we believe growth will be stronger in 2012, it will still be restricted to single digits, largely owing to ongoing measures to curb congestion and pollution, while the possibility of a hard landing for the economy will provide a major downside risk to our

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