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While European consumers spent much of 2012 fretting about the economic crisis, China has managed to exceed the auto sales continent for the first time given the growing Chinese middle class, the trend seems continue in China is likely to overtake Europe in the production of vehicles this year, too.
Chinese consumers bought more cars than their European counterparts in 2012.
It is no secret that the automotive industry in Europe isn t exactly booming Several car manufacturers on the continent while struggling as demand fell during the euro crisis especially in European countries South, where austerity programs have taken a bite out of prosperity.
In China, however, more and more cars are flying off the lots and in 2012, for the first time, Chinese consumers bought more cars than buyers in Europe, according to the Süddeutsche Zeitung newspaper citing an unpublished report by Germany the VDA automotive industry report Association says, while 13 2 million cars were registered in 2012 in China, Europe, the total increased from the previous year 13 6 million only May 12 millions.
The reasons, of course, are many one hand, China's middle class continues to swell rapidly, as the economy has grown more slowly last year he had in previous years for the growing number those who can pay, the cars offer both greater mobility and an important status symbol.
On the other hand, car sales in Europe have long been the canary in the economic coal mine with several Member States, the euro zone into recession, and few countries receiving anything more than modest growth, consumers seem wait for better times before replacing aging vehicles Indeed, despite a brief recovery in many EU Member States in 2009, car sales in Europe declined steadily since 2007.
These trends - and in particular the continued expansion of the Chinese market - are likely to continue It's just a matter of time before China exceeds US in car sales, Ferdinand Dudenhöffer, director of automotive research center University of Duisburg-Essen, told the Süddeutsche Zeitung He predicts that by 2030, China's auto market could be as large as that of Europe and the US combined.
The car sales boom in China, however, is not just beneficial for Chinese automakers German brands, for example, has sold more new cars in China in 2012 than they did Germany also great number of vehicles sold in China are the result of collaborations between European and American brands and a Chinese company According to the Süddeutsche only about a third of the cars produced in the country are the product of a purely Chinese society.
Nevertheless, many European brands are suffering as consumers on the continent has kept battened hatches down in 2012 and are likely to continue doing so in 2013. Several companies, such as Ford Europe, Renault and Opel are taken with PSA Peugeot strength Citroën is currently slashing about 10,000 jobs and its financing activities provided a bailout 7 billion 9 2 billion Paris.
In fact, according to a projection by the Financial Times published on Tuesday, China will also overtake Europe in the total number of cars and light goods vehicles in 2013. The document estimates that China will be June 19 million cars and light trucks this year as against 18 3000000 in Europe, probably giving a hand to him on Aug. 23 percent of the world market of car manufacturing in 2000, the share of China was only 3 5 percent during roughly the same period, the market share World Europe increased from 35 percent in 2001 to a share of only 2013 projection of over 20 percent.
Continent in crisis China Overtakes Europe in car sales Sluggish SPIEGEL ONLINE News, continent, crisis, China, Europe.