The Buick Envision enjoyed explosive success in the Chinese market in 2015, giving GM reason to be optimistic about China in 2016.

A huge drop in the value of Chinese stocks has unsettled the global economy and led to predictions of slower growth around the world and intense pressure on the energy sector where an oil glut has developed in face of falling demand.

Nonetheless, automakers remain surprisingly upbeat about sales in China, which has become by far the world’s largest market for new vehicles despite the prospects for only modest growth of the Chinese economy overall.

No one expects the kind of explosive, double-digit growth that characterized the decade prior to 2015 when it finally slowed dramatically. But automakers such as Ford Motor, General Motors and Daimler AG remain cautiously optimistic about their Chinese business.

Matt Tsien, president of GM China, said that the demand for new cars in China will grow modestly in 2016, perhaps by 3% to 5%. But vehicle sales by GM and its Chinese partners should exceed the overall growth as the automaker has introduced several new vehicles in China, particularly the crossovers and multi-purpose vehicles favored by Chinese customers.

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The new Mercedes-Maybach has been a success in China, selling 500 units a month since it's introduction in China last February.

Tsien also noted that the Chinese economy is generally healthier than it is sometimes depicted in the western media. The holdings in the Chinese stock market are relatively small. The Chinese economy is in the midst of a restructuring but if you walk around Chinese cities, it appears the economy is robust. Even while China’s numbers might have dropped in single digits, it represents an enormous amount of activity, he said.

Ford set a new record for sales in China in 2015 selling 1.1 million vehicles there, which was a 3% increase over the previous year.

“2015 was another strong year for Ford in China with growth in sales and our product portfolio,” said John Lawler, chairman and CEO of Ford Motor China. “Our record performance sets the stage for 2016, as we continue to expand our portfolio of high-quality, fuel-efficient and fun-to-drive vehicles that our customers want and need.”

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Mercedes-Benz reported a 31% jump in China sales in last month, which capped a banner 2015 in China where its sales increased 33%. While crossovers and multi-purpose vehicles are all the rage, when it comes to Mercedes, Chinese buyers have snapped up 500 Maybachs monthly since the model launched in the country in the February, according to Bloomberg.

Optimism for sales activity in the Chinese market has increased dramatically since the government announced measures to reduce the vehicle purchase tax on smaller cars. However, continued stock market volatility may intimidate some buyers.

Despite a slowing economy, IHS Automotive now expects light vehicle sales growth to increase 5 to 6% in 2016 – enough to add more than 1.3 million units of additional sales, according to an analysis prepared by IHS Automotive.

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Carlos Ghosn, CEO of the Renault-Nissan Alliance, put a slightly different spin on the Chinese situation, however. True, it had long delivered double-digit annual gains, but if China’s car sales only grow 5% this year, that’s likely to be more than what experts are forecasting for the U.S.