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Strategies & Market Trends : World Outlook -- Ignore unavailable to you. Want to Upgrade?

To: Les H who wrote (44129)	10/29/2024 8:50:38 AM
From: Les H	2 Recommendations Recommended By Don Green towerdog Read Replies (2) \| Respond to of 50425

It is now impossible to deny that Germany is experiencing real deindustrialization. In September 2024, huge resonance was generated by the news that the Volkswagen (VW) automobile group is considering closing two plants in Germany. Before a gathering of workers at the Wolfsburg assembly plant at VW’s headquarters, Arno Antlitz, VW’s chief financial officer, called the company’s decision a necessary measure to boost productivity, cut production costs, and improve operating margins, which have declined due to increasingly ruthless competition from Chinese electric car makers and, more generally, a failure to rebuild the auto market. This news has sent shockwaves, as it would mark the first closure of a VW plant in 90 years of operation and could initiate a huge and negative change not only for Germany but for the whole of Europe. In 2023, economic journalist Gabor Steingart stated that “if the automobile industry collapses, the whole of Germany will collapse. That is, the Germany we have known for many years and the remnants of which we see today will cease to exist.” A very strong statement, but certainly not without merit, as the German automobile industry now employs about 780,000 people. Its weight in the country’s gross domestic product in 2023 was 5%, nearly double the roughly 3% that was in the late 1990s. Revenues of German automakers, despite a downturn in 2020, reached 564 billion dollars in 2023, of which 393 billion dollars came from exports, which is roughly 24% of the total of 1.6 trillion dollars of goods exported from Germany in the same year. pluralia.forumverona.com