Peugeot Citroen to launch 'made-for-China' car in 2011

PSA Peugeot Citroen plans to launch its first passenger vehicle made specifically for the China market in 2011, state media reported. Eric Apode, vice president of PSA's China Tech Center said the company will also launch 10 new models in China over the next five years as demand for autos soars. "We believe that the cars of the 21st century will be born in China, the cradle of the future automobile industry. So it's vital and important to undertake research and development of car models in China," he said. PSA plans to sell one million units in China by 2015 and seize a market share of 5-6%. An increasing number of foreign carmakers are concentrating efforts in China's domestic market as auto sales continue to grow on the back of government stimulus policies. Passenger car sales increased 76% year-on-year in October to 946,400 units, according to the China Association of Automobile Manufacturers. The government earlier indicated that it intends to maintain support for the industry through 2010.