An unhappy luxury-car owner known only as Wang made a bold statement to his mechanic and luxury automakers, paying three men to smash his $423,000 Maserati Quattroporte to pieces outside of the Qingdao International Auto Show.
Chinese Car Market
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China is determined to raise its annual domestic car sales to 10 million units this year, and also wants sales to grow by another 10% every year for the next three years. It aims to achieve those numbers with a comprehensive investment in the company's transportation sector, beginning with merging China's 14 major automaking groups into ten. Doing so, they say, will help the development of new products and seriously slash costs in overlap.
Car sales in China increased steadily in the first half of 2007. According to R. L. Polk & Co., 4.7 million passenger vehicles will be sold by the end of 2007, a 26 percent increase compared to last year. Since 2004, the Chinese car market has grown an average 20 percent a year.