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Auto Industry will Survive a Tough Winter

2008-10-20    Source:english.chinabuses.com

The auto industry cannot avoid being affected by the global financial crisis. After the collapse of a slew of financial institutions, job cuts and production stoppages have become a major theme for western car makers over the past few weeks.


In China, the demand for cars has declined alarmingly since August, and business conditions in China are raising concerns for the future.


But industrial analysts say the worsening international financial turmoil will not have a major effect on China's automotive industry. The nation's economic fundamentals remain healthy and will help to sustain the growth of auto consumption in the current low market penetration.


The same thing happened in China in August, when sales showed their first year-on-year decline at 6 percent since February 2005.


This continued in September as domestic auto makers sold 1.4 percent less vehicles as the global financial crisis deepened from US to European markets.


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