Czech car output hits new record in 2016

(MENAFN- AFP) Passenger car production in the Czech Republic rose to a new record high of more than 1.344 million vehicles in 2016, trade data showed on Tuesday.

Output rose by 8.3 percent over 2015, the third year in a row of increased production, the Automotive Industry Association said on its website.

The EU member of 10.5 million people is home to three large car plants -- Volkswagen's unit Skoda Auto, South Korea's Hyundai, and TPCA, a joint venture of Japan's Toyota and France's PSA Peugeot Citroen.

Skoda raised output by 12.5 percent against 2015 to more than 765,000 units, while Hyundai's production rose by almost five percent to 358,400 cars and TPCA produced over 220,600 cars, up 0.7 percent on the year.

The Czech economy is heavily dependent on car production and exports mainly to the eurozone.

The country's central bank expects the economy to post 2.8-percent growth for 2016 followed by 2.9-percent growth this year. In 2015, it grew by 4.5 percent.