Ferdinand Dudenhofer told the newspaper that car sales within the bloc fell by 200,000 cars in the first eight months of 2024 compared to the same period last year, amid estimates that things will get worse.
He pointed out that “important large car markets such as Germany and Italy have already witnessed a slight decline in the first eight months of the year,” warning that things “are not improving.”
The economist also pointed out that sales of electric cars decreased by 8.3% compared to last year.
According to the expert, car manufacturers are now seeking to compensate for their losses by increasing prices, and he said that the 20 most popular models of gasoline-powered cars have already become about 10% more expensive.
He expected that “the coming months will be very difficult for the European automobile industry, worse than it was during the Corona pandemic,” and according to the expert, “Germany is about to be severely affected, as the market is not expected to recover before 2026.”
Last month, Volkswagen, the largest automaker in the European Union, announced that it would consider closing its factories or laying off workers in Germany for the first time in its 87-year history.
The company also announced that it would have to end its job security program, which was created to postpone all job cuts until at least 2029.
Source: Agencies
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2024-10-06 00:03:22
