Thursday, November 4, 2010

Asian demand drives German auto industry growth

The German auto industry is predicting a 21 percent increase in exports for 2010 thanks to high demand in Asia and the United States. Analysts say manufacturers' emphasis on research and development is paying off.

There's no doubt that this has been a good year for German carmakers, and equally little doubt that that has much to do with China. Volkswagen, Porsche, BMW and Mercedes have all made their mark on the sprawling Asian landmass and notched up sales figures that far outstripped their expectations.

In the first eight months of 2010, the Chinese car market almost doubled in size with German manufacturers securing a 53 percent increase on the sales of its cars.

In an interview in Monday's Die Welt newspaper, the president of the German Association of the Automotive Industry (VDA), Matthias Wissmann, said that German manufacturers would have produced a total of 5.45 million passenger cars by the end of the year. The lion's share will have gone to international markets.

"Over the whole year, we are expecting exports to rise 21 percent, which equates to 4.15 million passenger cars," Wissmann said. "The strength of the Asian market, especially in China, and also the recovery of the US market, have fuelled exports."

So far this year, Chinese consumers have bought 1.3 million German vehicles.

To read more: http://www.dw-world.de/dw/article/0,,6179962,00.html


Source photo: http://www.dw-world.de/dw/article/0,,6179962,00.html

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