Europe's Automakers Still Pin Hopes On China Nov 11

Standard & Poors, November 2011

Abstract
It's no coincidence that when Mercedes started designing its S-class luxury saloon, to reach showrooms in 2014, it reportedly flew in some Chinese customers to Germany for their feedback on the design. The auto industry's center of gravity is shifting to China and Europe's automakers are following. China is now the world's largest auto market, with 17.2 million cars sold in 2010, and Chinese tastes are increasingly influencing car design. We therefore expect that European car manufacturers will continue to move into the Chinese market in the coming few years in search of more sales and improved profit margins. Despite the significant slowdown in sales in recent months, industry experts predict the Chinese market will continue expanding by about 10%...

Companies mentioned in this report are:
- Renault S.A.
- Daimler AG
- Fiat SpA
- Peugeot S.A.
- Volkswagen AG
- BMW AG
- General Motors Co.

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

- Renault S.A.
- Daimler AG
- Fiat SpA
- Peugeot S.A.
- Volkswagen AG
- BMW AG
- General Motors Co.

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