Let's start Comparing European to China-produced Cars.According to the FT, this year Europe will only produce more than 20% of world car production.
As quoted by the FT, Volvo CEO Hakan Samuelsson to comment on the European car market, "All you can do is pray."
Production of the car began in Europe in the late 1880s thanks to Carl Benz, while China just started in the 1950s with a car called Red Flag made for government officials.
According to the Financial Times (FT), though Europe 70 years first start the car industry than China, but it seems the Bamboo Curtain country will overtake the European car production in 2013. Though the new China car production reached one million cars after 1992.
Citing research from a number of consultants and investment banks, the FT estimates that China will assemble approximately 19.6 million cars and light vehicles this year, while Europe only 18.3 million cars, it has included Russia and Turkey.
Even more damning yet, Europe is still bound by the prolonged economic crisis.
See how this develops over the years European auto production continues to shrink. In 1970, they controlled the production by 50% while in 2001, production reached only 35% of total worldwide car production.
