European car market has definitely seen better days. For example, Germany’s car market in the first 11 months of 2010 is down 25.2% compared to the same period last year. But looks like there is hope from China and US.
“2010 was expected to be a tough year all round” John Lawson, a London-based analyst at Citi Investment Research, wrote in a report. “But rich China sales have leapt (and) foreign exchange has been very supportive”.
To keep up with this demand, German automakers have trimmed the traditional Christmas holidays, and Daimler AG and BMW are keeping some plants running between Christmas and New Year’s.
In China ( the biggest car market in the world ), demand for luxury vehicles has expanded more than 40 percent this year, led by Audi, the longtime leader in China’s premium market.
ACCORDING TO J.D. Power, “The luxury car segment is expected to keep double-digit growth in the next five years, with the booming number of second-time buyers who are eager to distinguish themselves and keen to prove their social status,”