The meek shall not inherit the auto industry
China produced 9.34 million automobiles in 2008 and accounted for 17.2 percent of the world’s sales, surpassing the United States and Germany for the first time in history. U.S. production fell 10 percent. China’s advanced 8 percent.
Over the last five years, the Big Three U.S. auto companies have seen their sales revenue cut almost in half, while China’s top four have almost doubled.
With four times as many people as the United States, it is not surprising, but the speed at which China’s auto manufacturing has continued to chug along despite the recession is. The saying used to be “when America sneezes, the world catches a cold,” but the relative health of Brazil, Russia, India and China (the BRIC), as we suffer the economic flu, makes a mockery of that concept.
To read more, click here.