The European auto industry is in good shape as sales growth predictions rise. But the IAA Mobility show was a warning of an imminent invasion by Chinese cars and SUVs.
The German economy, Europe’s biggest, is teetering on the brink of recession, although experts don’t expect recovery to be too long delayed. Recently the IMF adjusted its forecast for Germany’s real GDP “growth” in 2023 to minus 0.3% from a previous prediction of minus 0.1%.
In the first half of 2023, European automakers made big profits, and these impressive numbers may come under pressure in the 2half as supply chain risks ease and affordability and demand concerns take centre stage, said Germany’s Berenberg Bank. The first signs of Chinese imports may show, but with only a modest impact on bottom lines.
Given the huge recent gains in profitability, Berenberg Bank sees a barely perceptible impact, with manufacturers’ earnings in 2024 and 2025 slipping about an average 5%.First-half financial results showed some mass market players like Renault and Stellantis did well, while Volkswagen struggled, with its electric models worryingly so.is moderately hopeful for European Union sales and expects Germany to accelerate a little in 2024.
The European Union consists of 27 states. Western Europe includes the five biggest markets Germany, France, Britain, Italy and Spain.
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