2023 Author: Eric Donovan | [email protected]. Last modified: 2023-08-25 09:36
According to a study by the consulting firm Ernst & Young, the automotive industry is on the way to becoming a two-tier society. The German car manufacturers are among the winners.
Strong versus weak: In view of the sales crisis on the European market, the automotive industry has continued to develop towards a two-tier society. That is the result of a study published on Friday by the consulting firm Ernst & Young. According to this, German, Japanese and Korean manufacturers have grown significantly recently, while southern European carmakers struggled with falling revenues and declining sales figures.
According to the study, German and Japanese manufacturers also posted declines in sales, but the minus was much smaller in comparison to car manufacturers such as PSA Peugeot-Citroën, Renault and Fiat.
VW benefits from China
The ailing business in Europe is particularly troubling manufacturers who are less globalized and dependent on European business, such as the German car manufacturer Opel, which is currently showing strong growth in Russia and Turkey. Manufacturers such as Volkswagen and BMW can meanwhile offset the decline in sales in Europe in other markets - they benefit from the strong demand in China and the USA.
"The further drifting apart harbors considerable explosives", explained Peter Fuß, partner at Ernst & Young. "The German, Korean and Japanese manufacturers have the financial strength to weather the European crisis - the southern Europeans, on the other hand, have their backs against the wall." Most recently, car expert Ferdinand Dudenhöffer published a study according to which Toyota and Volkswagen were able to further expand their market lead, while manufacturers such as PSA and Fiat continued to lose market share.
According to Ernst & Young, sales at PSA, Renault and Fiat fell 7 percent in the third quarter. In the meantime, Japanese manufacturers increased their revenues by 12 percent and German manufacturers by 18 percent. "The German car companies have so far got through the European car crisis relatively lightly," said Fuß, "thanks to the relatively stable German car market and above all thanks to the high growth rates in the USA and China." (dpa)
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