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Under the global financial turmoil, Chinese auto parts manufacturers meet a tough period now. Over 10,000 auto part manufacturers exist in 2008, but now estimates 5 percent, or at least 500 auto part suppliers, will be bought out or eliminated.
Zhejiang province is the core place for auto parts manufacturers in China that produce many small-piece auto components. Many of them have stopped production or even gone bankrupt. Auto experts say Chinese auto parts firms should become more innovative and find more channels such as exhibitions and online trading to promote export. Moreover, Chinese auto part manufacturers should invest more in R&D to prepare for the opportunities.
Good news for Chinese auto parts manufacturers from Ford says that it will plan to transfer production and research and development into China to reduce costs. It is a good opportunity to catch.