Hungarian automotive industry: week 33 2020
Fotó: Rába Galéria
Rába Group reports on plummeting sales volumes in the first half of 2020, Hungary's GDP tanks. Let’s recap what last week brought in Hungary’s automotive sector. Clicking on the highlighted items will open the full stories.
The Rába Group reported on significant losses in the first half of 2020 after registering a double-digit sales drop in its axle, parts and vehicle divisions.
In the first six months this year, Schaeffler’s automotive division boasted a performance better than the global average in the vehicle manufacturing sector, while the International Investment Bank announced a €50 million bank loan to the supplier with a manufacturing presence in Hungary.
Continental has also disclosed its financial report from the first half of 2020. The German supplier registered losses both in the second quarter and the entire first half of the year.
The Covid19 pandemic has also taken its toll on the Hungarian economy. The Hungarian GDP plummeted by 13.5 percent compared to the same period in the previous year.
The volume of industrial production output also fell short of the base period from the year before, affected severely by the underperforming automotive sector.
It seems the crisis is having the greatest effect on the ecoomy of the United Kingdom. In the second quarter of 2020, the British economy saw a downturn reaching a historic low, and turned into recession.
