Automotive heavyweight Daimler-Chrysler says that 2003 marked a dip in global car sales, in a weak year for the industry.

The German-American outfit revealed that sales fell by more than four per cent, with the total number of vehicles dropping to just 4.35 million.

The figures confirm a torrid year for the industry, as the total output was well below the 4.54 million vehicles produced in 2002.

The company revealed the figures as it detailed its performance, with profits significantly down. Net income, at €448 million, was 91 per cent down on the result in 2002

Daimler-Chrysler described 2003 as a year of weak demand in a weak global economy.

For 2004 the company said it anticipated a better economic environment, but was reluctant to overstate the case, instead forecasting a 'slight increase' in operating profits.

However, in the following two years, 2005 and 2006, the company expect to see 'significantly improved earnings' as new lines and improved market conditions boosted sales.