Automobile production started in Europe in the late 1880s, thanks to Carl Benz. This was the time when John L. Sullivan was boxing, George Eastman patented the first box camera, and Jack the Ripper was getting busy. Automobile production started in China in the 1950s with a car called the Red Flag, which was built for government dignitaries. Chinese car production didn’t top 1 million cars until 1992, but despite the 70-year head start, China likely will overtake Europe in car production in 2013, according to the Financial Times.
Citing studies from several consultancies and investment banks, the Financial Times is predicting China—whose auto industry and market’s ups and downs have been well documented by our own Aaron Robinson—will assemble 19.6 million cars and light vehicles this year versus Europe’s 18.3 million. And that’s including Russia and Turkey in Europe’s numbers. Meanwhile, still reeling from the financial calamity set in motion nearly five years ago, Europe will produce just more than 20 percent of the world’s cars in 2013, according to the FT. In 2001 that number was 35 percent, while in 1970 it was almost 50 percent.
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The publication quoted Volvo’s chief executive, Håkan Samuelsson, as saying, “[As for] the [European car] market, you can only pray.”
Times do change, don’t they? Today, Chinese dignitaries prefer locally built German luxury sedans and Eastman Kodak is in bankruptcy. Oh, and they never did catch Jack the Ripper.
Source: http://feedproxy.google.com/~r/caranddriver/blog/~3/LPPHjJEvwIw/
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