It is undeniable that China is now the leader in the global automotive industry, but when it comes to profit, can we still hold our heads high saying that we are the real profit getter? Unfortunately, it is the foreign automakers who have the core automotive technology and are raking in enormous profits from us. German automaker Volkswagen AG gained nearly half of its pretax profit from the Chinese market in the first quarter of this year; while Japan's Honda Motor Co. reported net profit of more than $2.86 billion in FY 2009, up about 90%, compared with $3.18 billion it obtained in the global auto market.
China overtook the United States to become the world's largest car and van market in 2009, with a total of 13.6 million vehicles sold in the domestic market. Such a good opportunity lying ahead, international auto giants, including Toyota, Volkswagen, General Motors, Nissan, Honda, Hyundai-Kia all shifted sales and headed for China. That same year, these automakers witnessed a growth of over 20% in sales in the country.
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