1 billion 1st time car buyers in China

Lou Ann Hammond talks to John Batchelor, host of the John Batchelor Radio Show on KFI 640 AM from the 2008 Beijing auto show.

– 1 billion 1st time car buyers in China

– Only 45 million cars on the road

– You can only drive between the ages of 18-65 (the day you turn 65 you can no longer drive)

– Only about 10% of people finance (no credit bureau)

– There is no defaulting on loans in China

– China is starting to restrict financing to keep inflation in check, without a slowdown. China says it is not immune to the US recession and is trading more globally depending less on the US.

– Congestion is a big issue in Shanghai and Beijing

– General Motors was first in sales of passenger vehicles because of Wuling (think Microbus)

– VW Santana was the best selling car in 2007

– In 2007 SUV sales increased by 50%!

– Rick Wagoner helped open the China Automotive Energy Research Center which will support the development of a national automotive energy strategy specifically for China

– China is not beholden to the internal combustion engine

– 4-5 years ago they set up research and development for EV cars. GM showed its EV cars. They will build the Buick Lacrosse Hybrid here in China.

– Toyota sells Prius here but manufacturers in Japan

– China supports nuclear, aka hydrogen and electricity.