Record-high gasoline prices, the volatility of raw material prices and a sluggish overall economy have led to a steep drop the automotive market in the United States, Japan and many countries in Western Europe. However, we also notice that some major automakers reported exploding sales in emerging markets like China, Russia, Latin America, Africa and the Middle East. Soaring gas price has forced titan carmakers shifting their production from SUVs and pickup trucks to smaller models. As the world's second-largest car market after the United States, China is not only the fastest growing market but also the fastest growing vehicle producer. In spite of global credit crisis and slow global economy, auto sales in China continue to expand. China's full-year vehicle sales rose 22 percent to 8.8 million units in 2007 and the sales are predicted to reach over 10 million units in 2008, keeping double-digit growth for years. Robust auto sales also fuel the growth momentum of auto parts and accessories industries. According to the statistics, China's overall auto parts industry, including original equipment (OE), aftermarket and export markets, exceeded US$100 billion sales in 2007, increasing threefold as compared to the number in 2002.