China promised land for automakers

(Reuters)Updated: 2006-11-22 20:00

Chinese twin models pose beside Peugeot cars displayed at the Beijing International Automotive Exhibition November 22, 2006. China may still be the promised land for global auto makers but competition is set to reach new heights in coming years as consumers start buying cars for a second or third time and are more swayed by brand loyalty. China is the world's second largest automobile market after the United States. [Reuters]