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GLOBAL AUTO SALES TO SLOW THROUGH 2011

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GLOBAL AUTO SALES TO SLOW THROUGH 2011

By Drew Johnson

The global auto market may have showed signs of recovery and even growth during the first half of 2010, but economic concerns and the end of government subsidies are threatening a strong finish.

Although United States auto sales are still up for the year, August sales slumped to the month’s lowest tally in 28 years. Sales are expected to continue to sag for the rest of the year, largely due to rising unemployment rates.

“The U.S. economy is looking downward, with high unemployment, mounting bankruptcies and other indicators that don’t paint a pretty picture,” said Yuuki Sakurai, chief executive officer of Fukoku Capital Management Inc. in Tokyo.

In China – the world’s largest car market – sales are also beginning to cool as government subsidies expire. China recorded an 18.7 percent sales growth in August, which was well off the 90 percent increase seen in August 2009.

The European market continues to be volatile, but automakers are seeing some positive growth in Russia and India. However, those markets remain relatively small and make up just a small percentage of global sales.

According to the latest forecast from J.D. Power & Associates, worldwide auto sales will grow by 10 percent this year to 70.4 million vehicles, but that growth rate will slow to 7.1 percent in 2011.

link:

http://www.leftlanenews.com/global-auto-sales-to-slow-through-2011.html

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