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Total value of China's auto parts products to hit $90.6 billion this year
Shanghai. December 3 (Gasgoo.com) – Total value of China’s auto parts production will reach 670 billion yuan ($90.6 billion) this year and 1300 billion yuan ($175.85 billion) by 2010, said an official from All-China Federation of Industry and Commerce.
"China’s total automobile output is expected to reach 9 million units this year and the country is likely to become the second largest automaker in the world,” Huo Guangyi, chairman of the Automobile and Motorcycle Parts Division of All-China Federation of Industry and Commerce, told a symposium on China’s auto parts industry.
Huo said at the symposium that China has 4,712 major auto parts suppliers, which yields a total output value of 550 billion yuan ($74.40 billion).
Last year, China exported a total value of $11.5 billion of auto parts, up 35 percent from one year earlier.
"All global auto parts giants listed in world top 500 have business operations in China,” Huo said. “They have established either joint ventures or wholly owned businesses in China.”
Despite its rapid growth in recent years, China’s auto parts industry are still plagued by many problems, such as low industry concentration, lack of widely recognized brands and weakness in high technology, Huo said.
Furthermore, auto parts business in China is becoming less profitable due to a rapid increase of operations costs.
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