To surpass production output of Europe
By the rate that China's automotive industry is going, it could produce more vehicles than Europe for this year. Based on the data compiled by Financial Times, auto manufactures from China are projected to churn out 10% more cars this year with a total of 19.6 million light vehicles as compared to the projected output of 18.3 million units by Europe.
If the projections are right, China will be producing 23.8% of the world's light vehicles. This will be the first time in the history of automotive industry that Europe will be ousted as the number one producer of the world's vehicles.
Last year, Europe, which includes Russia and Turkey produced a total of 18.9 million vehicles while China produced 17.8 million. Meanwhile, USA and Japan, the next two largest car manufacturers produce 8 to 9 million vehicles a year.
Source: Financial Times