Dazong Wang, president of Beijing Automotive Industry Holding Co., said at the Automotive News World Congress that annual sales of cars, buses and heavy trucks may total 40 million units by 2020, up from 18.3 million units last year.

That would entail annual sales growth of 11 percent, Wang noted, or less than half the 24 percent annual growth rate of the past decade. "I really believe 40 million units is realistic in 10 years," Wang said.

If the projection comes true, nearly half of global vehicle production would be concentrated in China, Wang said. But he does not expect China to emulate Japan and transform itself into a major vehicle exporter.

"You will see Chinese products on a global stage, but [Chinese automakers] won't be like Japan. China will account for 50 percent of the world's sales volume," so automakers will produce vehicles in China for the domestic market, Wang said.

As China's market grows, Beijing Automotive is banking on major sales gains, Wang said. The Beijing-based automaker expects to double its annual sales to 3 million units by 2015. "We want to be a global company," Wang said.

"We want to double our sales to 3 million units, and possibly more."