Worldwide automobile production
In 2016, the international automotive industry produced 72.11 million passenger cars. Worldwide, passenger car sales are expected to continue to grow to about 77.7 million units in 2017. Car sales started falling dramatically during the 2008-2009 economic crisis. Today, the volume of automobiles sold is back to pre-crisis levels thanks to increased demand, especially from Asian markets. China is ranked as the largest passenger car manufacturer in the world, having produced more than 24 million cars in 2016, and accounting for almost 34 percent of the world’s passenger vehicle production.
One of China’s largest car manufacturing company is the joint venture between General Motors and SAIC Motor Corporation Limited, known as Shanghai General Motors Company Ltd or simply Shanghai GM. GM produces and sells passenger vehicles under the Chevrolet and Cadillac brands, among others. Aside from manufacturing cars, the company also produces engines and transmission systems. Shanghai GM’s domestic sales amounted to a little over 1.7 million units in 2015. Over the past decades, China has emerged as one of the main growth markets for players in the global automobile industry, with car sales amounting to 24.38 million vehicles in 2016.