Mitsubishi Motors Corporation today announced global production, as well as domestic sales and export figures for July 2008.

Source: Mitsubishi Motors Corporation

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Auto sales in places like Russia, China, Brazil and India are expected to drive world demand to new records despite a sales slump in America, Europe and Japan, a Canadian bank said recently in Ottawa.

Global car sales advanced a mere 1.5 percent in the first half of 2008, undercut by slowing developed economies and record oil Global Auto Report. But BRIC countries – Brazil, Russia, India and China continue to post double-digit gains in automotive sales, it said. “Despite the year-over-year sales decline in recent months, we expect full-year 2008 volumes to climb to a seventh consecutive annual record, buoyed by ongoing strength in Brazil, Russia, China and India,” said Carlos Gomes, a Scotia Bank senior economist and the report’s author.

According to the report, total car and truck sales volumes fell in both May and June, crippled by record oil prices averaging 130 US dollars per barrel and weakness in the mature markets of Western Europe, Japan and the United States. In the United States, sales of sport utility vehicles and pickup trucks plunged by nearly 30 percent compared to the same period last year.

A further weakening of the US economy is also expected to slash full-year passenger vehicle sales to 14.1 million units in 2008, and to 14.3 million units in 2009 – “the worst back-to-back performance since 1993,” the report said. Surging oil prices, however, had little impact in Brazil, which accounts for 60 percent of all South American sales.

Eighty-eight per cent of new vehicles sold in Brazil are flex-fuel models that can run on less expensive ethanol, manufactured domestically from sugar cane. Its vehicles sales were up more than 24 percent in the first half of 2008. Vehicles sales in China moderated from an average annual increase of 30 percent this decade to a hike of 17 percent in the report.

China insulates domestic consumers from high oil prices by subsidizing fuel costs, but lifted fuel prices by nearly 10 percent in November and raised prices an additional 18 percent in June. In Russia, which is considered separately, car sales were up 40 percent in the first half of 2008 to 1.45 million units.

The report said Russia is set to become the world’s fourth largest car market in 2009 after America, China and Japan, with annual volumes of 3.7 million units. If you are looking for exporters of used cars, please click here: Used Cars Exporters

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Russia has become Europe’s largest automotive market after year on year sales grew 41 percent in the first six months of 2008, according to a survey by Price Waterhouse Coopers.

In this period, 1.65 million cars were bought in Russia compared to 1.63 million in Germany, which was previously Europe’s largest market.

It is foreign brands that have been driving the expansion, with a 54 percent increase in the number of imports.

In contrast, Russian brands only made up a quarter of all the cars sold in Russia according to the PWC report.

Foreign brands being produced in Russia also grew by 41 percent in the first 6 months of this year to the same period in 2007. The number of foreign cars produced here is expected to rise form 440,000 to 2 million in 2012. They are also expected to expand into production of components for market is also set for dramatic growth in the next few years, according to the PWC report.

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Automobile sales is declining in the world’s three largest established markets – America, Europe, and Japan – in 2008, further squeezing global car makers’ margins, but booming BRIC nations – Brazil, Russia, India, and China – hold some hope for growth.

According to recent media reports, North American industry sales to decline to the lowest level in 10 years in the uncertain economic environment, and there is severe downturn in the commercial-vehicle market.

Sales are being shored up in Western Europe by rising demand in the new EU states, but low consumer confidence and weak housing markets may depress 2008 car sales in Germany, UK, and Spain, S&P said in a report.

The unclear American economic outlook is also a concern for Japanese automakers, as America is their largest market, the agency said.

However, the BRIC nations, which represent 20 percent of global car sales, are predicted to increase strongly by more than 10 percent per year over the medium term, S&P said.

Yet, even if demand is robust, profitability in China has already sunk to world average levels due to fierce competition, overcapacity, and market fragmentation, it therefore cannot offset the effect of persisting negative industry trends in established markets, S&P said. In North America, General Motors Corp, Ford Motor Co, and Chrysler continue to gradually lose market share, partly by design as they retrench from daily rental fleet sales.

Japanese and South Korean automakers, meanwhile, continue to steadily gain market share in America.

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The Russian government is planning a campaign to support the national car industry to put competitive pressure on foreign made cars, especially used foreign-made cars.

Prime Minister Vladimir Putin approved the introduction of prohibitive import tariff rates for cars made more than five years ago. In additional, the insurance cost and the tax for old cars will be raised too, according to media reports on the Internet.

The current prohibitive import tariff is applied to the cars made seven years ago of more.

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