Gas guzzlers are hot in China

April 22, 2008 4:39:59 AM PDT
They're big, expensive and gas-guzzling.

Just the thing for the Chinese auto market.

Sales of the Cadillac Escalade are nose-diving in the U.S. as gas prices soar.

But the big SUV is hot stuff on the even hotter Chinese auto market.

A gleaming black Cadillac Escalade is the star of the GM display at the Beijing auto show.

GM officials say SUVs and luxury cars are the fastest-growing market segments in China.

And those new Chinese millionaires don't have to worry about breaking the bank to fill up their Escalades.

Fuel prices are government controlled in China and among the lowest in the world.

Gas now sells for under three bucks a gallon there.