Geely, an independent automaker that has struggled to raise its profile in overseas markets, has long coveted a stronger foothold in Europe. Coincidently, Ford has been trying to sell Volvo since late 2008 to focus its resources on managing its core Ford, Lincoln and Mercury brands. The deal is China’s biggest overseas auto purchase and represents the most ambitious move by a homegrown auto brand. Geely Chairman Li Shufu said “Today represents a milestone in the history of Geely.”

In fact, it is not only a milestone of Geely, but also an epoch-making point of Chinese national industry and Chinese investors. The acquisition demonstrates to the world that China is ready for overseas expansion, in other words, Chinese enterprises are looking for a larger share of world market with full pocket of capital.

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According to the China Association of Automobile Manufacturers (CAAM), sales reached 2.46 million cars, including 1.81 million sedans, 75,500 mini-vans and 141,300 sport-utility vehicles. And the figure for March was unusually large, showing the most rapid year-on-year growth in seven months.

Volkswagen AG’s two Chinese ventures — FAW Volkswagen and Shanghai Volkswagen — continued to top the sales list last month, as well as in the first four months. They are followed by the Detroit-based car maker’s venture with Shanghai Automotive Industry Corp, Shanghai GM. And domestic auto producers sold 463,100 sedans in the first four months, accounting for a 25.46% share of the total sedan sales.

China, the world’s second-largest car market, produced 8.88 million automobiles last year, of which 8.79 million were sold. And this year, auto sales are anticipated to exceed 10 million units, which stand for a 14% full-year sales growth.

A total of 28,534 off-road vehicles with 3.0-liter engines or above, with an average unit price of $40,900, were imported in the first quarter, soaring 262.57% compared with the same period in the previous year.

In addition, the country also imported 16,624 cars with 3.0-liter engines or above during the period, up 75.28% year on year. The average unit price reached a higher $57,900. Imports of luxury auto brands such as Lexus, Mercedes-Benz, BMW, Volkswagen, Volvo and the latecomer Infiniti, increased a sharp 82% in the first quarter.

“Buying imported vehicles as a second option is a growing trend among affluent people,” said Xu Di, director of marketing department at China Automobile Trading Co Ltd.

In terms of sales, a Guangzhou-based Audi dealership witnessed a 230% year-on-year sales growth in the first quarter. Huang Weiwen, marketing director of the distributor, pointed out the luxury car market is slightly affected by economic depression and high-end consumers’ consumption temptation is also not very seriously impacted by the gloomy stock and property markets.

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From January to February, China imported 62,000 motor vehicles for $2.26 billion, up 82.6% and 93.4% respectively compared with the same period of last year. The growth rates were respectively 63.9 percentage points and 80.8 percentage points higher. In February alone, the imports were 33,000 vehicles, up 130%, the highest growth rate since January 2007.

Foreign-funded companies took up 67.4%, or 42,000 vehicles, of the country’s total imports in the first two months. And wholly-owned foreign firms imported 35,000 vehicles, up 96.5%.

Off-road vehicles made up for 50 percent, or 31,000 units, of the total imports, up 140 percent, while cars accounted for 39.6%, or 25,000 units, up 45.6 %.