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EUROFER: EU auto output forecast for 2024 revised downwards

Friday, 01 November 2024 15:06:42 (GMT+3)   |   Istanbul
       

According to the Economic and Steel Market Outlook 2024-2025/Q4 2024 Report from the Economic Committee of the European Steel Association (EUROFER), in the second quarter of 2024, automotive output in the EU dropped by 7.0 percent year on year, more sharply compared to the 2.4 percent decrease in the previous quarter.

In the meantime, in the first eight months of this year, car registrations in the EU increased by 1.4 percent year on year to 7.2 million units, with Spain (+4.5 percent) and Italy (+3.7 percent) showing modest increases, while the French and German markets recorded 0.5 percent and 0.3 percent decreases, respectively.

According to EUROFER, demand is projected to remain weak until the macroeconomic picture and consumer income substantially improve. A full recovery in global trade and external demand from major markets, particularly the United States and China, will be a crucial factor for EU car exporters.

EUROFER stated that, due to the weakness of the manufacturing sector, uncertainty with electric vehicle standards and lack of consumer confidence, the automotive sector is projected to experience a heavier contraction of 6.5 percent in output in 2024, compared to the previously expected 3.0 percent. A very modest recovery of 1.9 percent is foreseen in 2025.


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