Even if Europe wasn’t experiencing economic and structural problems that have deeply affected the domestic car industry, it would only be a matter of time before China with its growing economy and massive population overtook the Old Continent as the world’s biggest automotive producer.
However, with Europe in a deep recession, it’s just going to happen faster than we thought.
In fact, according to projections made for the Financial Times by five forecasting groups, including IHS, LMC Auto and PwC consultancies along with investment banks UBS and Credit Suisse, China will produce more vehicles than Europe this year for the first time ever.
In particular, China is poised to manufacture around 19.6 million passenger and light commercial vehicles in 2013, while Europe around 18.3 million. That’s compared to Europe’s output of 18.9 million vehicles in 2012, and China’s 17.8 million units for the same year.
What makes this forecast even more impressive is that Europe’s numbers include output from other peripheral nations, such as Russia and Turkey, which are experiencing growth.
Nevertheless, one should also take into consideration that many of China’s top producers are affiliated with European, American and Japanese carmakers like the VW Group, BMW, GM and Toyota.
PHOTO GALLERY
