The fate of two of the "Big Three" US automakers is hanging in the balance as the automotive industry worldwide battles an unprecedented sales crisis.
Automakers are slashing production, closing factories and looking for partners to survive.
Below are key facts about the industry, its key markets and significance for the global economy.
1. Auto manufacturing has a global turnover of around $2.6 trillion, more than the GDP of France but less than that of China, Germany, Japan, or the United States.
2. The auto sector contributes 3-4 per cent of the total gross domestic product (GDP) of the United States, and over 6 per cent of EU-15 GDP, according to consultancy Frost & Sullivan.
3. Around 9 million jobs worldwide, or over 5 per cent of the world's manufacturing workforce, are directly linked to making vehicles and parts. Each direct auto job supports at least another 5 jobs indirectly, with many more people employed in related service and manufacturing jobs, meaning more than 50 million people earn their livings from the industry.
4. The US automotive industry employed 850,000 people in manufacturing jobs at the end of 2008, according to Frost & Sullivan.
5. Japan produced over 11.5 million vehicles in 2007, and accounts for around 725,000 jobs. Japanese car industry body JAMA estimates 2009 domestic demand for passenger cars and commercial vehicles at 4.86 million units, which would mark a fifth successive year of decline.
6. Before the crisis hit, Russia -- where around 755,000 people are employed in the auto industry -- had been widely forecast to overtake Germany as Europe's biggest market in 2009, with car sales now expected to fall by around 50 per cent in that market this year. Around 3.2 million automobiles worth a total of $69 billion were sold there in 2008.
Sources: OICA, ACEA, JAMA, Frost & Sullivan, PricewaterhouseCoopers ($1 = 0.7611 euro)
Comments
0 comment