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Auto industry 2024 at pre-crisis level

Auto industry 2024 at pre-crisis level
In the event of a conflict, the auto industry would be the biggest loser.
Image: APA/AFP/CHRISTOF STACHE

Austria’s auto industry is likely to continue growing this year, but will not return to pre-crisis levels until 2024. The Austrian supplier industry will benefit from the economically stable position of the German premium manufacturers, Bank Austria announced on Monday in its industry report.

By 2021, the domestic industry was able to expand its growth lead over most EU manufacturing countries. Only in 2022 did production growth in Austria fall short of the EU result of 4.5 percent at 0.5 percent. Revenue fell from 2021 to 2022 by 3.9 percent to 18.5 billion euros.

According to the economists at Bank Austria, the economy in the sector continued to cool off at the beginning of this year. Material and delivery bottlenecks continued to cause problems for manufacturers and suppliers. Above all, missing semiconductors are the biggest obstacle to production.

Vehicles with combustion engines continue to dominate. According to Bank Austria, 2.2 percent of all cars registered in Austria last year were purely electrically powered.

Source: Nachrichten

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