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Portuguese component manufacturers raise concerns over automotive industry crisis impact
euronews (in English)
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20/12/2024
The Portuguese automotive manufacturing industry's exports are predicted to fall in November and December, as demand for new cars slows across Europe.
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00:00
Car factories are closing across Central Europe, with plans for job cuts among major manufacturers
00:07
and a number of managerial resignations.
00:11
Disrupted by the pandemic, challenges in transitioning to electric mobility, rising Chinese competition
00:17
and declining sales are contributing to the crisis.
00:22
The Portuguese industry is unlikely to remain unaffected, as 98% of cars in Europe contain
00:28
at least one component made in Portugal.
00:52
The impact will primarily affect automotive component manufacturers.
00:56
This sector includes around 350 companies, employs 64,000 people and generated over
01:03
14 billion euros in 2023.
01:26
The car market in Portugal is still growing, up about 4% from the previous year.
01:47
But the EU is aiming to phase out combustion car production by 2035, while electric car
01:53
sales face challenges like high costs and inadequate charging infrastructure.
02:23
The effects of the crisis in the European automotive industry are already felt in Portugal,
02:36
but the sector anticipates that the worst is yet to come.
02:39
Joana Marão Carvalho for Euronews in Lisbon.
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