DIHK: Problems in the automotive industry are a burden for the entire economy

The German Chamber of Commerce and Industry (DIHK) sees the deteriorating situation in the auto industry as a significant burden for Germany as a business location. “The automotive industry with its many service providers and suppliers stands for over a million employees and more than five percent of our total economic output – and thus for prosperity and jobs in Germany,” said General Manager Martin Wansleben of the German Press Agency.

According to a special evaluation of the autumn economic survey by the DIHK, the automotive industry now assesses its situation as being considerably worse than in the early summer of this year: 36 percent of the companies rate their situation as good, 26 percent as bad. The balance of good and bad assessments has decreased from 34 to ten points since early summer. The industry is going through a profound structural change. Against this background, rising raw material prices and hardly available semiconductors represented an additional economic burden.

Multiple problems

Rising raw material and energy prices are therefore by far the greatest economic risk for vehicle construction. In addition, a shortage of skilled workers, the ailing global economy and supply chain problems put a strain on the business of the heavily export-oriented companies.

“The companies’ investment plans are geared towards the transformation process towards more electrification, digitization and automation and the associated restructuring,” said Wansleben. “But here, too, there is a downer: the financing problems of the automotive supplier industry are more pronounced than the average for the entire industry.” (dpa / swi)

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Lenny Li

I started to play with tech since middle school. Smart phones, laptops and gadgets are all about my life. Besides, I am also a big fan of Star War. May the force be with you!

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