Car companies are planning to sell more than 10 million vehicles this year, according to a new survey by the Auto Association, the trade group for carmakers.
The new figures represent a major step forward for car companies as they try to fend off rising costs from rising demand and a global economic slowdown.
“This is a step forward in the global mobility strategy,” Auto Association President and CEO Bill Emmet said.
More than 2.6 million U.N. employees work for auto companies.
The Auto Association said automakers would sell more cars and trucks this year than any year since 2008.
U.S.-based automakers will now sell 2.9 million vehicles, up from 2.4 million vehicles last year, and they will continue to add vehicles to their fleets, Emmet added.
The industry will also sell more SUVs, pickups, small SUVs and sport utility vehicles, he said.
The auto industry is also planning to add more hybrids, plug-in hybrids and other electric vehicles.
“We expect the auto industry to add another million vehicles in the coming year,” said John Pomerantz, chief economist at auto research firm Kelley Blue Book.
The auto industry also plans to add nearly 2 million jobs, according the association.
U.K.-based auto company Jaguar Land Rover said it expects to add 3.7 million vehicles next fiscal year, while Nissan said it would add 2.7 percent of its sales to help offset the impact of lower oil prices and other economic challenges.
“The impact of the Brexit vote and other geopolitical uncertainties are having a negative impact on car sales, and the industry is responding,” the company said in a statement.
The auto trade group estimates that the industry will add about 20.9 billion vehicles to its fleet over the next two decades.
It said it is projecting a 6.4 percent increase in new vehicle sales over this period.
Car companies plan to add 1.6 billion vehicles by 2025, and to add an additional 1.4 billion vehicles in 2019, the association said.
That is an increase of almost 8 million vehicles over 2025.
The survey also showed that the auto business is experiencing a decline in U.K. sales.
That decline is due in part to a slowdown in demand from China, and it has been fueled by a shortage of fuel.
“This has driven up the price of diesel, and is impacting the cost of fuel,” Emmet told reporters.
Auto sales in the U.A.E. are expected to increase slightly in the year ahead, the survey said.
The industry is investing billions of dollars to expand electric vehicles, the group said, and Nissan is investing up to $2 billion in battery research and development.
There are also plans for the auto sector to invest more in electric vehicle manufacturing.
Automakers also plan to spend about $1.5 billion over the year to expand production of hybrid vehicles, and another $2.5 million to make vehicles with battery packs, according a company statement.
Read more: The U. S. auto industry will see a record 4.7 trillion vehicles on the road by 2025.
The U-K.-owned Auto Association estimates that auto sales will grow to 2.5 trillion vehicles in 2025.
That represents a 2.1 percent increase from 2025.