The global economic crisis will not cause a steep downturn to auto sales in China and the market here will resume growth in the near future, says Masahide Konishi, an executive director of Mitsubishi Motors.

 

Konishi made his remarks in Shanghai while unveiling Mitsubishi Motor Sales (China) Co., a newly established China subsidiary to promote sales of imported Mitsubishi cars in China.

 

"We believe the Chinese auto market will not fall into a downturn like that in Japan, United States and Europe," he said.

 

Before the global economic recession, auto sales in China were widely expected to top 10 million units in 2008, 12 million in 2010 and 16 million in 2015, Konishi said.

 

These targets can still be achieved, albeit with a delay of a year or two, he added. "The launch of this sales company shows our high expectations for the China market," he said.

 

Konishi said his confidence in the China market came from car ownership rates that were much lower than the global average, and the low incidence of loans for car purchases, making China relatively unaffected by any credit crunch.

 

Mitsubishi now imports six vehicles into China: the Grandis multi-purpose van, the Pajero SUV, the Eclipse sporty sedan, the Outlander crossover and the Lancer and Lancer Evolution sedans.

 

Total import sales were around 14,000 units in 2008, up from 10,000 in 2007.