Global auto sales show crucial rise in 2004

Global auto sales show crucial rise in 2004

Global auto sales showed a significant upward trend this year and are expected to achieve a moderate rise in 2005 as well. Higher oil prices could not ease demand as sales volume rise by 3%. Purchases are projected to edge up by an additional 2% in 2005 as strong gains in developing countries offset the flat performance recorded in the major markets such as North America, Western Europe and Japan. New vehicle sales in Asia, excluding Asia, will continue to report double-digit increases and surpass 10 million units next year. When full-year figures are tallied for 2004, China's sales are expected to reach 2.3 million units, surpassing both Italy and France. Vehicle sales in the US rose to 16.7 million units this year and will be largely flat in 2005. In Canada, car and light truck sales are expected to rise slightly to 1.56 million units next year. Sales in Mexico rose by 10% this year and surpass 1 million units for the first time and are forecasted to exceed 1.1 million units in 2005.