China to ensure 50% market share for local cars by 2015

The Chinese government is seeking to ensure local automakers gain 50% of the local market by 2015, up from the current 44%, reports Reuters. Local newspaper Shanghai Securities News quoted industry sources, citing that the revised guidelines issued by the Chinese government mandate that own-brand sedans by local automakers should account for 40% of the market share in the country. The administration will also direct Chinese companies to hold at least a 50% share in any upcoming local joint venture (JV), which will involve the production of alternative-fuel vehicles, batteries and related components, the report added. (December 30, 2009)