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Germany

German car industry to slash more jobs in 2020

cde.news desk · 1 min read
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epa05202475 (FILE) A file photo dated 04 February 2016 showing a bird fliying past a large illuminated logo of German car manufacturer Volkswagen (VW) on the VW Tower in Hanover, Germany. Troubled German carmaker Volkswagen's shares fell sharply on 09 March 2016 following media reports that the US authorities are widening their investigation into the emissions scandal that has rocked the group. VW's stock opened more than 3-per-cent down on the Frankfurt Stock Exchange after the Wall Street Journal reported that the US Justice Department is expanding its investigation into the carmaker through the use of bank fraud and tax laws. The move by the US authorities consequently raises the risk of VW being hit by new penalties. US justice authorities were planning to use a far-reaching law against bank fraud in their investigation into the emissions affair, as well as looking at possible violations of tax laws, the Journal said citing people familiar with the probe. EPA/JULIAN STRATENSCHULTE

Germany’s main automobile industry body, the VDA,  said it expects global car sales to fall by 5% this year, the steepest drop since the financial crisis, and warned of more job cuts in 2020 as a result.

Germany’s export-dependent car industry is struggling with weaker foreign demand, tariff disputes sparked by U.S. President Donald Trump’s ‘America First’ policies and business uncertainty linked to Britain’s decision to leave the European Union.

The sector, an important driver of overall growth in Europe’s largest economy, is also having trouble adjusting to stricter regulation following an emissions-cheating scandal and managing a broader shift away from combustion engines toward electric cars.

In 2018, employment in the car industry in Germany reached 834,000, its highest level since 1991.

VDA expects car sales in Germany to fall by 4% to 3.43 million in 2020 and to drop by 2% to 15.3 million in Europe.

 

Via Reuters/CNBC

Filed under Automotive IndustryEconomyGermany
Topics EconomyGermany

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