Ford: Continued growth due to North American market recovery

Refreshed model lineup includes aluminum-bodied F-150

2014/07/04

Summary

Fordの自動車部門の税引前利益
Fordの販売台数予測

Ford's profit depends on North America

 The North American automobile industry continues its strong recovery as the solid economy leads to improved consumer confidence, which is due to the replacement demand and attractive incentives. Ford has benefited greatly from this recovery where sales in North America were chiefly responsible for a consolidated pre-tax profit of USD 8.6 billion in 2013.

To release 23 new models worldwide

 In 2014, Ford will release a total of 23 fully or partially redesigned models in the global market and substantially renew its product lineup. In North America, Ford will introduce 16 fully or partially redesigned models. These models will include the F-150 (full-size pickup and the most profitable model in North America), Transit (full-size commercial van), MKC (compact sport utility vehicle (SUV) which is expected to be the core model for expanding the sales of the Lincoln brand), and the sporty Mustang. In China, it aims to further expand its sales with the Escort, an automobile developed specifically for China.

Profit in 2014 declines slightly due to lineup renewal

 Although the revamp of Ford's product portfolio will lead to increased competitiveness in the coming years, the automaker forecasts its consolidated pre-tax profit for 2014 to be between USD 7.0 billion and USD 8.0 billion, which is less than that of 2013. This is because the factory downtime, associated with the remodeling, has been prolonged, reducing the number of wholesale units. Costly market introduction is another factor.

To expand sales in China and India

 Ford considers Asia to be the most promising market for future growth. LMC Automotive forecasts that Ford's global sales volume of light vehicles will continue to increase and reach seven million units in 2017. Most of the sales expansion is expected to take place in the Asia Pacific, especially in China and India.


 

Related Reports:
* Ford: "One Ford" Strategy continues to sustain favorable results (Mar. 2014)
* Ford China: Sales up 46% in 2013, up 59% in first two months of 2014 (Mar. 2014)


North American International Auto Show 2014:
* Ford takes risks with new ideas for redefined Ford F-150 and Ford Mustang

Beijing Auto Show 2014:
* Ford unveils Escort, Everest and MKX concepts




Fields succeeds Mulally as Ford CEO on July 1, 2014

 Ford announced on May 1, 2014 that Alan Mulally will retire as president and CEO on July 1. This is immediately following GM's top replacement, which was announced in January.

Ford leadership change

CEO Alan Mulally retires  Ford announced on May 1, 2014 that Alan Mulally will retire as president and CEO effective July 1. Mulally has been with Ford as CEO since September 2006. Over the past eight years, he has promoted the One Ford global strategy as a driving force for the revival and advance of Ford.
COO Mark Fields succeeds  The incoming CEO Fields joined Ford in 1989. After his experiences as the head of Ford Argentina for the South American business and the head of Mazda Motor Corporation in Japan, he served as the executive vice president in charge of the company's North American business in 2005. He has been the company's COO since December 2012. Fields is only 53 years old, but he has much experience. It is said that he will carry on the policy of the outgoing CEO Mulally, making the transition smooth.

Source:Ford Release dated on May 1, 2014

 

 



To release 23 new models worldwide, including 16 in North America

 In 2014, Ford will release a total of 23 fully or partially redesigned models in the global market to substantially renew the product lineup. In North America, Ford will introduce 16 fully or partially redesigned models. These will include the Ford F-150 (full-size pickup and the most profitable model in North America), Transit (full-size commercial van), the sporty Mustang, and MKC (compact SUV which is expected to be the core model for expanding the sales of the Lincoln brand).

 

Ford F-150 Lincoln MKC
Ford F-150 (Detroit Auto Show 2014) Lincoln MKC (Detroit Auto Show 2014)

 

Highlights of major upcoming vehicle releases

Model Description
2014 Ford F-150  This new aluminum-bodied model appeared at the North American International Auto Show in January 2014. Production of the 2015 model is scheduled to begin at the end of 2014.
Ford Transit  This is a full-size commercial van that replaces the Ford E-series. It will go on sale globally in the summer of 2014.
Ford Grand Tourneo Connect / Tourneo Connect (Transit Connect)  This global compact van and wagon will be launched in mid-2014. It is built at the Valencia plant in Spain. The seven-seater Grand Tourneo Connect and the five-seater Tourneo Connect will be available. It will be introduced as the Transit Connect in North America.
Ford Tourneo Courier  This five-seater, small Multi Purpose Vehicle (MPV) will be launched in Europe in mid-2014.
Ford EcoSport  The Fiesta-based compact SUV was developed by Ford Brazil. It is sold in South America, India, Thailand, and China. It was launched in Europe in the spring of 2014.
Ford Escort  Its concept car for China was displayed at the Auto Shanghai 2013. A production model was exhibited at the 2014 Beijing International Automotive Exhibition. It will go on sale as an exclusive model for China by the end of 2014.
Ford Mondeo  The new Mondeo, known as the Fusion in North America, will go on sale in Europe in 2014. Hybrid and plug-in hybrid versions will also be launched.
Ford Mustang  The Mustang sports car, which is marking its 50th anniversary, will go on sale at the end of 2014 as the 2015 model.
Lincoln MKC  A compact crossover. Its concept for China made its debut at the 2013 Detroit Auto Show. It was launched in the second quarter of 2014.
2015 Ford F-Series Super Duty  This model was originally one of the F-150 variants. Since the 1999 model, it has become independent as the F-Series Super Duty featuring a unique body. The F250, F350, and F450 are available.
Ford Edge  This mid-size SUV will be fully redesigned in the first quarter of 2015. The new model will be sold in Europe, South America, and Asia. The three-row-seat model will be available for China. It is built at the Oakville plant in Canada.
Ford Taurus  This large sedan is expected to be fully redesigned in the first half of 2015.
Ford Fiesta  A subcompact car sold as a global model. For North America, the model is built at the Cuautitlan plant in Mexico. The 2014 Fiesta comes with either a 1.0-liter, 3-cylinder EcoBoost engine option, or a high-performance ST equipped with a 1.6-liter, 4-cylinder EcoBoost engine.
Lincoln MKX  A mid-size crossover and a sibling to the Ford Edge. It will be fully redesigned in the first half of 2015 and sold as the 2016 model.
Linclon MKS  This full-size luxury sedan is Lincoln's flagship model. It is a sibling to the Taurus. From the new model, it will be produced at the Flat Rock plant.
Lincoln Sport Coupe  It is said that a sports coupe based on the Mustang will be released under the Lincoln brand. The details are still unknown.

Sources:Ford Media Release, INOVEV, MarkLines

 

 



To change F-150's body to aluminum body

 To meet the 2025 corporate average fuel economy (CAFE) standards, Ford has been introducing technologies such as turbocharged gasoline engines with small displacement, nine or eight speed fuel-efficient automatic transmissions, start-stop systems, and active cylinder management. On the other hand, Ford judged that the fuel efficiency for its full-size pickups must be improved to meet the CAFE standards. Ford announced at the 2014 Detroit Auto Show in January that it will reduce the weight of the new F-150, which is due for release at the end of 2014. It plans to reduce the body weight by using aluminum while keeping steel frames.

Advantages and disadvantages of aluminum body

Advantages of aluminum body * Weight reduction of 700 pounds
* Improved fuel economy. It is said that the weight reduction and other means will improve the fuel economy of the F-150 to exceed 30 mpg. on highways.
* Increases in towing capability and payload
Disadvantages and risks of aluminum body * Cost increase. A news article by Automotive News on January 20, 2014 estimates that replacing steel with aluminum will drive up costs by as much as USD 1,000 per vehicle.
* There is the risk of an aluminum dust explosion at body shops. Galvanic corrosion can also occur in the event of iron contact.
* As a countermeasure, an aluminum body repairing area needs to be partitioned with floor-to-ceiling curtains or walls. In addition, tools dedicated for aluminum bodies need to be prepared.

Note: Ford intends to tie up with the Inter-Industry Conference on Auto Collision Repair (I-CAR) and fund education expenses for one repair staff per dealer. I-CAR is a nonprofit training organization, which is focused on repair techniques and located at Hoffman Estates in Illinois. In addition, there is a concern that the car insurance rates may rise because aluminum parts are more costly. In response to the concern, Ford is separating the big integrated parts to smaller parts to reduce the cost and make them easier to repair.

 

GM and Chrysler's responses to aluminum-bodied Ford pickup

General Motors * GM does not opt for aluminum-bodied pickups. The automaker will release the new Chevrolet Colorado and GMC Canyon mid-size pickups in the fall of 2014. The automaker considers this as a countermeasure against the aluminum-bodied F-150. The new Colorado and Canyon are 900 to 1,200 pounds lighter than the current full-size pickups.
* GM has patented a technology that can weld aluminum panels together without using rivets. Thus, studies are underway to apply this technology to the aluminum body.
Chrysler * The automaker recognizes that the aluminum-bodied F-150 represents an important advance toward meeting the 2025 CAFE standards.
* However, CEO Marchionne has said that the cost-benefit analysis of building an aluminum-bodied pickup does not work in favorable way. He said that he is willing to follow Ford's lead if Ford attains success.
* Chrysler plans to apply aluminum first to the SUV body, not to the full-size pickup body.

Sources:Automotive News dated on January 20, February 17, and May 5, 2014, The Detroit News dated on June 10, 2014

 

 



Quality issues and increased recall expenses

 GM has announced recalls virtually every week since its ignition-switch recall in February 2014. Although not as frequent as GM, Ford also has done major recalls.

Major recalls and added recall expenses

Four recalls involve 1.4 million vehicles  On May 29, 2014, Ford issued four recalls covering 1.4 million vehicles.
 The first recall affects the Ford Escape and Mercury Mariner vehicles in North America, totaling 915,216 units. The vehicles have a torque sensor glitch that could lose control of the electric-power steering assist.
 The second recall affects 195,527 Ford Explorers in North America. The vehicles also have a potential issue with the power steering.
 The third recall involves 196,639 Ford Taurus sedans in North America. The vehicles have a potential corrosion issue in the license plate lamp. The corrosion could result in a fire.
 The fourth recall involves the Ford Fusion, Mercury Milan, Lincoln Zephyer, and MKZ sedans in North America, totaling 82,579 units. The vehicles have a potential floor mat issue.
Two recalls involve 700,000 Ford Escapes  On May 9, 2014, Ford issued two recalls for the Escape small SUVs to fix two safety problems.
 The first recall covers 627,275 units of the Escape and 65,192 units of the C-Max. A software glitch may block the air bags from inflating in case of rollover crashes.
 The second recall covers 692,744 units of the Escape. Defective exterior doors could make the doors difficult to close or cause them to open while driving.
 The Ford Escape is the third best-selling model after the F-series and Fusion in the U.S. The current Ford Escape has undergone 10 recalls, including the latest two recalls.
Further reserve earmarked for recall expenses  In the first quarter, Ford earmarked USD 400 million additionally for recall expenses and also increased its reserve.
 As a result, the North American region posted a significant decrease in pre-tax profit (by 37.3% from USD 2.39 billion to USD 1.5 billion on a year-over-year (y/y) basis). Total company pre-tax profit also decreased significantly (by 35.6% y/y from USD 2.15 billion to USD 1.38 billion).

Sources:Ford Release on May 9, June 29, 2014 and 1Q financial reports

 

Measure against in-vehicle infotainment glitches

To Use BlackBerry for "SYNC" software  It was reported on February 25, 2014 that Ford would switch from Microsoft to BlackBerry for the software to be used for its next-generation in-vehicle infotainment systems.
 Ahead of its rivals, Ford has pushed its sales by advertising its "SYNC" infotainment system with hands-free capability and voice control features. Ford has succeeded in appealing to the customers and has expanded its sales. However, complaints about the usability and many glitches have become the major contributor to lowering Ford from the quality rankings. In the Consumer Reports' reliability survey in October 2013, Ford ranked 26th and Lincoln ranked 28th among the 28 brands.
 Ford aims to improve the reliability of the software "SYNC" by changing the software supplier. BlackBerry's QNX software systems are installed on BMW and Audi models. It is said that they are also used in the U.S. Military's unmanned aerial vehicles and nuclear power plants.

 

 



Rebuilding Lincoln brand

 The worldwide sales volume of the Lincoln brand increased by 19.7% y/y to 42,432 units between January and May in 2014. After the launch of the MKC compact crossover in May, sales are expected to grow further. Of the volume, the MKC is supposed to sell the most.

 Nevertheless, the Lincoln brand only sells in a scale which is less than half of the Cadillac, one-fourth of the Lexus, and one-fifteenth of the leading luxury BMW brand.

 

Comparison of luxury car brands sold in 59 countries

高級車の世界9カ国販売推移 The Lincoln needs to be a global brand so that it can be rebuilt. Thus, it is essentail to increase the number of countries where the brand is sold, and to quickly expand the lineup to compete with the main luxury-brand competitors.

 At present, the sale of the Lincoln is limited to North America, Norway, South Korea, Saudi Arabia, and UAE. Although Ford will start sales of the brand in China, a large market for luxury cars, the automaker will only export completed vehicles, which are subject to high tariffs, in 2014. Its distance behind the BMW, Audi, and Mercedes Benz (in which local production of these brands are expanding) as well as the Cadillac, Lexus, and Infiniti brands (in which local production of these brands are being prepared) has not shortened but instead has increased.

 Currently, the Lincoln brand comprises only seven models. It will be necessary to launch about 15 models to achieve a brand sales target of 300,000 to 400,000 units per year.


 



Ford's 2014 investment in three plants

 In 2014, Ford will launch three new plants: two in China and one in Brazil.

Ford's new plants brought into operation in 2014

Changan Ford, Chongqing transmission plant * This is the first transmission plant for Ford in the Asia-Pacific region. It started operations in June 2014.
* It has a site area of 75,000 square meters with an initial production capacity of 400,000 units. It will initially produce two types of transmissions, which will be installed on the Focus, Kuga, Mondeo, and Escort.
* The opening of the new plant has created employment for 1,200 workers.
Changan Ford, Chongqing third plant * This is the third passenger car plant for Changan Ford, succeeding the Chongqing Plant 1 and Plant 2.
* It is under construction. The plant is slated to start operations in the latter half of 2014.
* It has an annual production capacity of 300,000 units. The annual production capacity of the three Chongqing plants totals 900,000 units.
* In addition to this plant, Ford is building a new plant in Hangzhou, which is scheduled to be completed in 2015.
Engine plant in Camacari, Brazil * A new engine plant opened at the Ford Northeast Industrial Complex in Camacari, Bahia in Brazil.
* It started production in April.
* It produces the 1.0-liter, 3-cylinder TiVCT Flex Fuel engine with an annual production capacity of 210,000 units.
* The investment amount has reached BRL 400 million. It has recruited 300 workers.

 

 



Sales Forecast by LMC Automotive: Ford's global sales to rise to 7 million units in 2017

(LMC Automotive, May, 2014)

 Ford's light vehicle sales in 53 major countries in 2013 climbed 10.3% from the previous year to 5.75 million units. The majority of this growth can be attributed to China, which saw sales rise nearly 60%. New vehicle introductions of the Kuga and EcoSport, along with strong Focus demand, aided in the increase.

 US sales rose to 2.46 million units in 2013, up by 11% y/y. LMC Automotive states "North American growth benefited from strong Large Pickup truck demand as Ford F-Series Light Duty and Super Duty sales were up over 17% for the region."

 According to the global research company's forecast in May 2014, Ford's light vehicle sales will continually rise after 2014 and reach 7.05 million units in 2017 in the 53 countries. Again, the majority of this growth is expected to come from the Asian region, most notably China and India, and brand awareness continues to improve and more products are introduced locally. Long-term concern surrounds the lack of a global luxury brand to bolster profitability following the divestiture of the Premium Auto Group consisting of Aston Martin, Jaguar, Land Rover and Volvo.

Ford's light vehicle sales forecast by make in 53 major countries

(units)
2011 2012 2013 2014 2015 2016 2017
Total 5,191,624 5,215,703 5,753,087 6,065,391 6,509,190 6,772,407 7,051,946
USA
  Ford
  Lincoln
  Mercury
2,119,669
2,033,778
85,643
248
2,217,197
2,135,047
82,150
0
2,455,179
2,373,485
81,694
0
2,543,445
2,426,943
116,502
0
2,664,998
2,534,906
130,092
0
2,637,224
2,509,284
127,940
0
2,656,338
2,530,562
125,776
0
China
  Ford
  Lincoln
381,509
380,715
794
483,754
482,870
884
769,754
768,963
791
907,041
903,804
3,237
973,503
964,744
8,759
1,080,039
1,070,109
9,930
1,167,964
1,156,935
11,029
UK
  Ford
337,501
337,501
347,168
347,168
381,686
381,686
399,328
399,328
397,639
397,639
424,508
424,508
421,536
421,536
Brazil
  Ford
  Troller
318,864
317,590
1,274
325,921
324,865
1,056
336,122
334,977
1,145
363,987
362,762
1,225
377,382
376,110
1,272
388,218
386,893
1,325
391,071
389,705
1,366
Canada
  Ford
  Lincoln
272,043
263,871
8,172
274,010
267,870
6,140
280,293
274,479
5,814
287,039
278,741
8,298
290,944
280,923
10,021
290,579
280,386
10,193
288,636
278,274
10,362
Germany
  Ford
257,056
257,056
228,955
228,955
223,654
223,654
214,284
214,284
239,289
239,289
240,893
240,893
256,380
256,380
India
  Ford
96,354
96,354
87,960
87,960
81,657
81,657
110,810
110,810
132,011
132,011
149,787
149,787
178,384
178,384
France
  Ford
135,820
135,820
110,944
110,944
93,399
93,399
107,080
107,080
115,165
115,165
119,583
119,583
138,543
138,543
Italy
  Ford
155,110
155,110
105,100
105,100
92,833
92,833
105,325
105,325
121,183
121,183
133,748
133,748
163,294
163,294
Turkey
  Ford
133,277
133,277
106,166
106,166
108,155
108,155
100,246
100,246
130,264
130,264
146,129
146,129
156,068
156,068
Russia
  Ford
118,031
118,031
130,809
130,809
106,734
106,734
100,192
100,192
126,099
126,099
145,732
145,732
143,544
143,544
Mexico
  Ford
  Lincoln
86,323
84,307
2,016
82,468
80,442
2,026
85,864
84,098
1,766
95,001
92,904
2,097
107,832
104,933
2,899
113,087
109,976
3,111
115,980
112,763
3,217
Australia
  Ford
91,243
91,243
90,408
90,408
87,007
87,007
94,495
94,495
91,673
91,673
98,027
98,027
88,534
88,534
Argentina
  Ford
104,949
104,949
97,057
97,057
112,343
112,343
85,279
85,279
112,105
112,105
106,656
106,656
104,388
104,388
South Africa
  Ford
43,050
43,050
42,443
42,443
57,903
57,903
64,844
64,844
64,243
64,243
60,424
60,424
67,937
67,937
Spain
  Ford
76,686
76,686
52,602
52,602
55,825
55,825
60,059
60,059
69,563
69,563
77,179
77,179
92,272
92,272
Thailand
  Ford
29,200
29,200
54,865
54,865
51,223
51,223
41,992
41,992
44,230
44,230
61,553
61,553
68,558
68,558
Netherlands
  Ford
46,581
46,581
40,459
40,459
36,179
36,179
37,560
37,560
43,086
43,086
50,869
50,869
56,276
56,276
Taiwan
  Ford
19,858
19,858
18,764
18,764
23,865
23,865
32,215
32,215
34,384
34,384
35,877
35,877
37,297
37,297
Belgium
  Ford
43,472
43,472
32,547
32,547
30,769
30,769
31,378
31,378
34,693
34,693
35,203
35,203
37,896
37,896
Austria
  Ford
27,863
27,863
25,591
25,591
23,734
23,734
23,470
23,470
25,757
25,757
26,799
26,799
28,401
28,401
Poland
  Ford
27,062
27,062
19,834
19,834
22,689
22,689
22,189
22,189
30,466
30,466
34,690
34,690
36,841
36,841
Switzerland
  Ford
20,441
20,441
20,862
20,862
17,662
17,662
19,113
19,113
19,741
19,741
19,829
19,829
21,104
21,104
Sweden
  Ford
21,406
21,406
17,587
17,587
14,721
14,721
17,637
17,637
20,503
20,503
20,750
20,750
22,683
22,683
Norway
  Ford
16,502
16,502
14,334
14,334
12,775
12,775
15,577
15,577
19,944
19,944
20,426
20,426
20,583
20,583
Denmark
  Ford
18,688
18,688
16,027
16,027
18,304
18,304
15,369
15,369
16,542
16,542
17,933
17,933
18,971
18,971
Chile
  Ford
10,126
10,126
11,032
11,032
14,737
14,737
13,579
13,579
13,906
13,906
14,369
14,369
14,666
14,666
Ukraine
  Ford
11,337
11,337
11,530
11,530
11,796
11,796
13,475
13,475
16,926
16,926
19,248
19,248
25,409
25,409
Colombia
  Ford
11,184
11,184
11,695
11,695
14,423
14,423
13,379
13,379
13,876
13,876
15,110
15,110
15,234
15,234
Philippines
  Ford
9,778
9,778
9,390
9,390
13,231
13,231
12,745
12,745
13,721
13,721
15,174
15,174
15,514
15,514
Indonesia
  Ford
15,669
15,669
11,839
11,839
9,907
9,907
10,962
10,962
22,246
22,246
33,363
33,363
35,940
35,940
Finland
  Ford
13,020
13,020
11,080
11,080
10,209
10,209
10,549
10,549
13,130
13,130
14,682
14,682
16,285
16,285
Malaysia
  Ford
7,187
7,187
7,108
7,108
10,660
10,660
10,485
10,485
11,894
11,894
14,201
14,201
14,628
14,628
Czech Republic
  Ford
16,925
16,925
14,502
14,502
11,014
11,014
10,249
10,249
11,703
11,703
12,249
12,249
14,517
14,517
Ireland
  Ford
13,056
13,056
10,898
10,898
10,180
10,180
9,722
9,722
12,324
12,324
14,287
14,287
16,368
16,368
Hungary
  Ford
6,430
6,430
7,239
7,239
7,875
7,875
8,931
8,931
11,112
11,112
12,253
12,253
15,009
15,009
Romania
  Ford
6,848
6,848
6,335
6,335
5,071
5,071
8,379
8,379
9,682
9,682
11,336
11,336
14,988
14,988
Japan
  Ford
3,469
3,469
3,951
3,951
5,879
5,879
6,806
6,806
5,608
5,608
5,371
5,371
5,841
5,841
Portugal
  Ford
13,211
13,211
5,589
5,589
5,119
5,119
6,801
6,801
7,655
7,655
8,549
8,549
11,469
11,469
Korea
  Ford
  Lincoln
4,184
3,060
1,124
5,126
3,865
1,261
7,214
5,625
1,589
5,407
4,299
1,108
6,044
4,637
1,407
5,899
4,445
1,454
6,416
4,973
1,443
Greece
  Ford
7,060
7,060
3,340
3,340
3,168
3,168
3,836
3,836
4,306
4,306
4,982
4,982
8,036
8,036
Venezuela
  Ford
23,751
23,751
22,053
22,053
12,466
12,466
3,548
3,548
6,875
6,875
9,275
9,275
11,741
11,741
Slovakia
  Ford
3,035
3,035
2,389
2,389
2,474
2,474
3,392
3,392
3,824
3,824
3,993
3,993
4,899
4,899
Ecuador
  Ford
2,281
2,281
2,998
2,998
3,267
3,267
3,178
3,178
3,799
3,799
3,977
3,977
4,409
4,409
Luxembourg
  Ford
3,781
3,781
3,884
3,884
3,435
3,435
2,987
2,987
3,140
3,140
3,068
3,068
3,451
3,451
Slovenia
  Ford
3,707
3,707
2,822
2,822
2,954
2,954
2,841
2,841
3,110
3,110
3,138
3,138
3,663
3,663
Peru
  Ford
1,168
1,168
1,199
1,199
2,258
2,258
2,584
2,584
2,720
2,720
2,815
2,815
3,013
3,013
Uruguay
  Ford
1,572
1,572
1,855
1,855
1,605
1,605
1,774
1,774
1,960
1,960
2,030
2,030
2,195
2,195
Bulgaria
  Ford
1,869
1,869
1,591
1,591
1,225
1,225
1,698
1,698
2,018
2,018
2,293
2,293
2,936
2,936
Estonia
  Ford
996
996
944
944
928
928
1,077
1,077
1,439
1,439
1,571
1,571
1,719
1,719
Kazakhstan
  Ford
28
28
232
232
527
527
770
770
1,039
1,039
1,177
1,177
1,384
1,384
Lithuania
  Ford
734
734
551
551
570
570
671
671
985
985
1,140
1,140
1,352
1,352
Latvia
  Ford
660
660
699
699
566
566
611
611
909
909
1,115
1,115
1,385
1,385
Source: LMC Automotive "Global Automotive Sales Forecast (May 2014)"
(Note) 1. Data indicate figures of only small-size vehicles, including passenger cars and light commercial vehicles with a gross vehicle weight of under 6 tons.
2. All rights reserved. Reproduction of any data will require permission of LMC Automotive.
3. For more detailed information or inquiries of forecast data, please contact LMC Automotive.

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