Czech Republic Q1 Auto Production Up 14% to Record 349,026 Units image

The Automotive Industry Association declared that car production in Czech Republic grew almost 14% to 349, 026 units in the first quarter.

Skoda Auto contributed the record raising production with 13% to 196, 225 units, Hyundai production was up 46% to 83,217 units, but Toyota Peugeot Citroen Automobile dropped 8% to 69,584 units.

“For the first quarter of a year, this production of passenger cars is a record,” said SAP President Martin Jahn. “However, the share of the individual domestic car makers in the achieved result has changed moderately against last year.”

Although Czech manufactured cars saw increasing demand in Asia, domestic demand remained steady in the first quarter, due to the diversity of choice. Because of the economic crisis consumers are looking for midrange and economy models, but the SUV segment also grew since prices lowered. Skoda saw year on year increase of 11.8% to 209 million euro in the first quarter and sales grew 8.4% to 2.9 billion euro. Although the automaker was forces to share more than half of the profit with its workers, the company also used part of the profit to reinvest in production, mainly at its Mladá Boleslav plant.