According to the Economic and Steel Market Outlook 2023-2024/Q3 2023 Report from the Economic Committee of the European Steel Association (EUROFER), automotive output in the EU increased for the fourth consecutive quarter by 15.7 percent year on year in the first quarter this year, following a rise of 7.8 percent recorded in the previous quarter.
According to EUROFER, demand is projected to remain weak until the macroeconomic conditions improve.
EUROFER stated that growth in output is expected to be at 6.4 percent, compared to a 1.2 percent increase guidance in the previous report. However, output levels will remain rather low in historical terms and the automotive output in the EU is forecast to drop by four percent in 2024.