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Chinese Production of LSVs jumps 475% in two years, to 87K vehicles
Date:
7/9/2013 6:42:36 PM
Category:
Industry News
Reflecting increasing global demand for low-speed vehicles (LSV), Chinese manufacturers have increased production from 18,221 vehicles in 2010 to 86,709 in 2012, and production has continued to increase in the first 5 months of 2013, according to the Shandong Automobile Manufacturers’ Association, which has 22 manufacturers as members. The explosive growth has attracted $2.5 Billion of investment in manufacturing.
Of this production, almost half is destined for export markets, because of restrictions on domestic procurement. If China's Ministry of Industry & Information Technology’s (MIIT)updates its policies, domestic consumption could greatly increase as well.