Asia to dominate auto market

Asia to dominate auto market

NEW DELHI (Reuters): The president of Ford Motor Company said on Tuesday the Asia-Pacific region would outstrip Europe and North America in auto production, cornering the lion's share of global growth and demand.

"The global auto industry is expected to grow by 8.3 million units between now and 2006," Jacques Nasser, who runs the world's second largest car maker, told a news conference in the Indian capital.

"Virtually all of that growth -- 8.2 million units -- will occur outside North America and Europe and most of it will occur in the Asia-Pacific region," he said, adding that his company was pitching for a regional foray to grab that growth.

"We must establish a strong presence in Asian markets like India, Thailand, Vietnam and China," he added.