2003高盛中国汽车市场分析报告[48p].pdfVIP

Global Automobiles The Chinese Auto Industry Long-term industry view February 21, 2003 Autos coverage views: Europe: Attractive US: Cautious Japan: Attractive Too many bulls in a China shop? Automakers are rushing to expand capacity, lured by bold growth projections. But we fear the market could prove volatile, pricing could fall faster than costs, and cash flows from JVs could disappoint. The high returns currently enjoyed in China, particularly by VW, seem unlikely to last. Chinese auto sales growing rapidly; unit profitability high China is the world’s fastest growing auto market, with car