- March 27, 2019
Why Chinese and European auto manufacturers need to work more closely together
Last year, the Chinese car market contracted by 3.5%, marking the first decline in nearly three decades. Nevertheless, sales still reached over 23 million units, with China remaining the largest passenger car market in the world and accounting for nearly one-third of global sales in 2018.
The EU car market, on the other hand, expanded by a tenth of a percent last year. While this increase is extremely modest, it did mark the fifth consecutive year of growth. With more than 15 million cars registered in 2018, the European Union accounted for nearly one-fifth of the global car market last year – coming in second place after China.
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