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The Automotive Industry is playing a vital role in all over the world. In 2008 it is said that about 75 million vehicles were produced. In the year 2007 about 71.9 million new vehicles were sold worldwide. In which 24 million in Europe, 23 million in Asia, 21 million in US & Canada, 6 million in Latin America 2.8 million in Middle East, 1.9 million in Africa. The most rapid growth in automotive was found in Russia, India & China.
China establishes its 1st automotive industry in the year 1953 by the name of FAW(First Automotive Works). They first made the truck & sedan. In 2001 China has a fast growth because of WTO. Auto crisis in the US had a great impact on the market. Ford, GM and Chrysler were growing at 50-70%. Out of which 35-40 % of the exports were to GM in North America. GM accounts for about $600 million of India's auto component exports. Many banks have refused to offer credit to industries who are supplying to GM. They fear that in the event of a bankruptcy, their payments will also get stuck. Many companies established auto plants in India to enjoy the benefits of the excise cut exemption. They have already invested huge amounts into these plants.
In the year 2005, the automotive environmental changes have effected the market movement . As we all know that rapidly increase of oil prices during the period of 2008 effects & impact very badly in automotive Industry. It is roughly said that 51 light vehicle plant has been closed with the lost of another 200,000 jobs & it is about 600,000 jobs has already been lost this decayed. Due this huge economic lost & crises in the current market China is leading its way towards Automobile Industry