Penalties and combustion engines
Car crisis: Why Europe is shooting itself in the foot
The once proud German car industry is facing a temporary death due to chaotic political guidelines and management failures. This is also dragging down Austrian producers and suppliers. With new EU regulations including fines running into billions and the end of the combustion engine, the downward spiral could accelerate. Krone+ shows that it is time for a rethink - even for the mainstream parties.
Kronen Zeitung als bevorzugte Google-Quelle hinzufügen With almost 800,000 employees, it is Germany's key industry and by far the largest sector in terms of turnover: but the automotive industry has plunged into crisis due to weak demand, the slump in e-cars and fierce competition from China. As is well known, Volkswagen is leading the way, with wage cuts, plant closures and job cuts on the agenda. But Europe's largest car manufacturer is not alone - with direct consequences for Austria:
The Austrian automotive supply industry (including Magna Steyr, Miba and AVL List) is a significant economic factor with a production value of around 20 billion euros per year. The export share is around 70 percent. In total, there are 900 companies across the country with more than 80,000 employees that are directly dependent on the German automotive industry. But trouble is looming:
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