57
number of indigenous units and assemblers with cheap Chinese technology has greatly increased competitive pressures within the industry. Real prices have consequently fallen sharply and despite a slowdown in the economy sales have shown rapid growth in recent years. These features of the sub-sector need to be replicated in other parts of the automotive sector. Given the relatively
large size of this market, approaching 2 million units
and relatively high protection, there has been space for entry of new units. As such the rate of profit is 23 percent in 2010, as shown in Table 5.2, is below that of tractor companies.
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