China to outstrip Europe in 2011 vehicle output: report
28 February 2011
China, the world's largest vehicle producing nation, is expected to surpass Europe, the traditional vehicle production leader, in 2011 with a 17-per cent jump in output to over 21 million units, according to the latest global auto report by Scotia economics, a unit of Scotia Bank.
China will account for about 28 per cent of overall global vehicle output in 2011, which is more than double the 13-per cent share it had just 3 years ago.
Global vehicle sales is expected to reach 61 million units in 2011, buoyed by continuing economic recovery and rising car sales around the world. The forecast is 7 per cent higher over 2010 and the early figure for January 2011, which is around 6 per cent, is in line with the projection, the report said.
The rebound is driven by double-digit sales growth in emerging economies and also volume increases in developed markets.
Increasing sales and profitability have encouraged vehicle makers to continue to ramp up their production capacities in most regions, providing some encouragement for the global economy against the negative impact of recent surge in energy prices, the report said.
The Chinese vehicle sales in 2011 are estimated at around 10.95 million units, up 15 per cent from around 9.52 million in 2010.