If you think that cars made in China is just a phase that will slowly fade away in favor of longtime automakers from Japan, Europe and the Americas, well a report from a major auditing firm says otherwise.
Professional firm KPMG from the Netherlands that lends audit, tax and advisory services to clients has just released the result of its annual automotive survey indicating that automakers from China are not only here to stay but will be getting larger shares of the global market in the next five years.
The 17th Global Automotive Executive Survey also shows that one-sixth of executives from around the world have expressed that they will be increasing investment in terms of production in China first, followed by Germany and then India.
"The future is wide open, but Chinese OEMs may focus on the increasing demand for electric cars, especially in large cities. They are becoming more aware of developing their business models to benefit consumers," said Huu-Hoi Tran, Partner and head of Automotive China (KPMG China).
Smart systems in automobiles, including connectivity and digitalization features, have come out as the top trend that will continue to be developed and manufacturers and sought after by customers in China and around the world until 2025.
Respondents of the survey include some 800 auto executives from across 38 countries and over 2,100 customer around the world.