A billion-strong auto market

Not being an online Wall Street Journal subscriber, I missed the story described here, but the India Times reports much the same thing.

[GM chairman Rick] Wagoner said that over the next 10 years, emerging markets within the Asia Pacific region alone are expected to account for nearly 70 percent of global sales’ growth.

“Three of the top five fastest growing auto markets over the next decade are going to be in Asia Pacific including India,” he contended.

Wagoner attended the interactive session immediately after a meeting with Prime Minister Manmohan Singh during which he pledged GM’s full participation in India’s economic growth.

“India is very important to GM’s strategic plans. We reckon that if we have to succeed (globally), then we have to do so in emerging markets like India,” he maintained. 

My headline is an exaggeration — not everyone in India can remotely afford a car — but even so, if we think oil prices and carbon emissions are high now…

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