Researchers from Germany predicted a sharp decline in demand for cars in the EU.
Ferdinand Dudenheffer, director of the Center for Automotive Research at the University of Duisburg-Essen, warned that this autumn will be a terrible one for the European auto industry. According to a well-known automotive expert, 200 thousand fewer cars will be sold in the EU this year than last year.
Important large auto markets such as Germany and Italy were already in the red in the first eight months of this year – and the economic situation is not improving, Dudenheffer notes.
In addition, since August in Europe, sales of electric vehicles have decreased by 8.3% (that is, by 90 thousand cars) compared to the same period last year. By the end of the year, Dudenheffer believes, a drop in sales of 140 thousand electric vehicles will be recorded.
Dudenheffer’s team from the Center for Automotive Research in Bochum analyzed the dynamics of car prices in recent months. The researchers concluded that in order to compensate for losses, German and European automakers are raising prices for internal combustion engines. Since April, prices for the 20 most popular internal combustion engines have risen by about 10%.
There appears to be a strategy to slowly narrow the price gap with electric vehicles by increasing the price of combustion engines higher. However, this is not due to increased discounts on electric vehicles, but due to higher prices for internal combustion engines, Dudenheffer believes.
According to him, the next few months will be very difficult for the industry – even more difficult than during the coronavirus pandemic. According to Dudenheffer’s estimates, the European auto industry will resume no earlier than 2026.
Source: Racurs
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.