Hungarian automotive industry: week 33
Last week, we visited a Szeged-based vehicle body manufacturer and we reported on another Hungarian automotive company becoming a supplier to Volkswagen. While Hungary´s economy is in top gear, analysts are concerned about Germany´s latest GDP report. It was a tough week for many car makers, while the Budapest Transport Company (BKK) was a on a roll. A student competition was cancelled (ALTrace), while another one is just about to start (FSH).
While two weeks ago, we focused on the quarterly reports of car manufacturers, last week we reported on more traditional topics.
Manufacturers
No week passes without recalls, last week it was GM's turn to announce a major recall. Although this time only 269,000 cars were involved, in the last 12 months, the U.S.-based manufacturer has recalled over 30 million cars. This figure is more than the number of cars affected by recalls issued by all the other manufacturers together.
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| The Tiguan was also affected in VW's recent recall |
VW also recalled 170,000 cars last week. One the models affected is the Tiguan, in which the engine shuts down, while in the Routan minivan the starter key had a tendency to fall out of its slot on rough roads.
According to VW AG chairman Martin Winterkorn, the German car maker's EUR 5 billion saving programme will "hurt". Maybe Winterkorn wouldn't have thought that it'd hurt him as well as now as a result of recent steps made by the trade union, the company has to reconsider the programme.
It seems Saab is having an even worse time as it was reported that Saab's "rescuer" went into bankruptcy. One of the suppliers of China-based Saab owner NEVS issued a lawsuit against the company to declare that the company has defaulted.
Suppliers
Last week we visited Szeged-based Autofer Zrt's production site. The company's predecessor, founded in 1950, was one of the pioneers in Hungary's motorization.
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| Last week we visited Szeged-based vehicle body manufacter Autofer's production site |
Téglás-based Hajdu Autotechnika Ipari Zrt., a Hungarian supplier of the Volkswagen AG, has expanded its supplier base.
We reported on a presentation given by the Csilla Őszi, CEO of transmission systems manufacturer ZF Hungária, on which companies may become the Eger-based company's partners in production.
Last week it was reported that Hungary´s Export-Import Bank Zrt. will provide a EUR 120 million pre-financing credit facility for Hankook´s Hungarian subsidiary along with three other Hungarian banks.
The construction of Dunaferr's #1 Foundry is going according the plan and will soon be handed over. Testing began on August 18, while the inauguration ceremony is expected in early-September.
Waberer's Group has announced to hire another 400 drivers after carrying out a major expansion in the first half this year.
Training for a Class C licence is now also available in correspondence courses. The theoretical part can now be studied from home. This option had already been available for Class A and Class B licences, which has now been extended to licences for buses and lorries.
The tender for the procurement of trolley buses in Budapest was cancelled on August 11. This was the third attempt to purchase new vehilces and now it seems the whole project may go down the drain. This means the Budapest Transport Company (BKK) will lose a HUF 3.4 billion deal on 108 new trolley buses.
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| Last week saw the failure of BKK's tender to purchase Skoda trolley buses |
Last week, BKK has published another, this time positive, statement. BKK said the new Spanish trams to be delivered to Budapest will be manufactured in Dunakeszi, Hungary.
Besides, in addition to the original order including 37 trams, the company placed an order on another 10 vehicles. Spain-based CAF will start manufacture in September 2014, including a Hungarian company in the process.
Education
For the first time ever, the competition of alternative fuel vehicles in Győr was cancelled last week. This year, the event would have taken place on a different location. The event's other leg in Debrecen was also cancelled.
Meanwhile, this year's Formula Student Hungary will start next week.
Economy
Last week, the GDP results of several countries was announced. The most important figures are: Russia: +0,8, Hungary: +3,9, Germany: -0,2.
Hungary's GDP growth hasn't been this significant for eight years, Russia's GDP growth has been decreased as expected, while analysts are concerned about the performance of Germany's economy.
Forint
After a difficult period, the forint had a calmer week last week. The level of 314 against the euro registered on Monday slightly increased to 313 by Friday afternoon.
