Chinese Automotive Production Set to Grow By 10.1% in 2013
China leads the pack, according to analysts, followed by the US, where the projected growth in output is only around the 5% mark. In Europe, 2013 will not be the year the local market stops falling, and by the end of the year, the entire production of automobiles on the Old Continent is expected to go down a further 3.2% - lack of demand is the culprit here.
Aside from China, the rest of Asia is also expected to gain significant ground, in 2013, and there is a possibility that some ailing European automakers will ‘seek refuge’, if you will, by building and selling more of their cars in Asian countries (through joint ventures), where the demand is much higher than in Europe, and where the cars are actually sought-after.
Back in Europe, the bad economic situation will dent buyers’ confidence until the end of the decade, which is another bad omen for what was once thought of as ‘the most mature’ of all the world’s automotive markets.