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To: elmatador who wrote (162209)	1/11/2012 5:41:36 PM
From: Dennis Roth	2 Recommendations Respond to of 206135

China as the world's largest PV market — Unit sales in China grew 35% yoy to 11.3m in 2010, according to CAAM, with cars, MPVs and SUVs making up 84%, 4% and 12%, respectively. We see strong correlations between PV unit sales in the medium term and GDP, urban household disposable income, money supply (M2) and fixed-asset investment (equipment purchase). Using GDP as a driver, we forecast the market could reach 20.5m units in 2015, implying a 13% yoy CAGR from 2010 to 2015. From: Asia Autos Full Throttle: Asia's Big Four Motoring in China 17 October 2011 ¦ 52 pages citigroupgeo.com