Korean media: Three blows, German automotive industry lays off 51,500 people within a year!
On September 23, Korean media "Herald Economic" published an article stating that according to statistics, the German automotive industry lost 51,500 jobs in the past year. This is the result of multiple factors: intensified competition from Chinese companies, U.S. tariff policies, and a weak German economy.
According to analysis by consulting firm EY on data from the German Federal Statistical Office, employment in the German automotive industry will decrease by about 7% between July 2023 and June 2024. During the same period, the entire German industrial sector lost 114,000 jobs, with nearly half occurring in the automotive industry.
Facing the triple blow of competition, tariffs, and economic slowdown, the German automotive industry laid off 51,500 people within a year.
EY assessed that this decline is higher than in any other industry. Compared to levels before the COVID-19 pandemic in 2019, the German automotive industry has lost 112,000 jobs.
The German automotive industry currently faces three threats: the expansion of Chinese automakers, tariff pressures imposed by U.S. President Donald Trump, and domestic economic slowdown. The German economy recorded negative growth in both 2023 and 2024, with a 0.3% growth in the first quarter of this year and a 0.3% contraction in the second quarter.
EY predicts that exports of cars from Germany to the United States and China will continue to face pressure.
Additionally, as several major German industrial companies have begun to take measures for restructuring and cost-cutting, it is expected that job positions in the entire industry will continue to decrease.
Original: www.toutiao.com/article/1844057852909704/
Statement: This article represents the views of the author.