China set to far surpass Europe in car production in 2013
China is a fast growing economy and is on the brink of overtaking Europe where car production in 2013 is concerned. China is forecasted to manufacture 19.6 million cars in 2013 compared to Europe’s forecast of 18.3 million.
During the past year, Europe produced 18.9 million vehicles while that in China totaled 17.8 million which was 10 times higher than what China produced in the year 2000. European car companies are facing constraints in production with even more difficulties where sales and markets are concerned.
China making hay while the sun shines, is taking advantage of the present economic and structural upheaval in Europe is scheduled to overtake Europe as per projection by five forecasting groups. IHS, LMC Auto and PwC consultancies besides UBS and Credit Suisse have all predicted the fact that China will be able to produce more vehicles than Europe in the current year. It should also be taken into account that most of China’s top auto producers are in fact affiliated to either European, Japanese or American automakers which include BMW, Volkswagen Group, General Motors and Toyota.
Source: FT
