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It is the key industry in Germany. A study by the Institut der Deutschen Wirtschaft (IW) is quite unforgiving towards the automobile industry. This is suffering the consequences of the crisis of the crown. And after many years it no longer shapes growth in Germany, as Handelsblatt writes, citing the IW study.
Consequently, the corona pandemic hit the auto industry hard in an industrial comparison. First, global supply chains were hit by a supply shock.
“Now the industry is facing a demand crisis from which it is slowly recovering,” the study continues. The situation is exacerbated by the fact that there are already large overcapacities and technological change is affecting business results.
Reduction and absenteeism as an engine of growth
“As a result, the auto industry is facing significant staffing adjustments for the first time in a decade and will initially fail as a growth engine for Germany as a location,” the researchers explain.
On Tuesday, representatives of the automotive industry will meet at the Chancellery with the German government and national representatives for the automobile summit. CSU requested in advance more help for the “heart of the industry,” as CSU chief Markus Söder describes the industry.
Söder wants to boost the automotive industry with another 10 billion euros for research and production of battery cells in Germany. Chancellor Angela Merkel sees no need to supplement the existing economic stimulus package.
Problem for Swiss suppliers
The corona pandemic is particularly accelerating the problems of supplier companies. For many Swiss-listed companies, it is very important that the German car engine does not stutter.
These suppliers include Ems-Chemie (manufacturer of specialty plastics), Feintool (metal part forming) and Autoneum (acoustics and heat management). Other companies include Georg Fischer and Tornos, but also smaller, unlisted suppliers. (uro / SDA)
