Hungarian automotive industry: week 45 2020
Fotó: Continental
Audi Hungaria Tool Shop celebrates 15th anniversary, car sales continue to decline. Continental CEO steps down due to health reasons. Let’s recap what last week brought in Hungary’s automotive sector. Clicking on the highlighted items will open the full stories.
CEO Elmar Degenhart has announced his intention to resign from the executive board of Continental before the end of his term due to ill health. The automotive supplier that also has a significant presence in Hungary will now have to find a suitable successor for Degenhart, who is stepping down for reasons of preventive health care.
The Audi Hungaria tool shop celebrated its 15th anniversary last week. In the last decade and a half, the facility has multiplied its production area and employee count.
Volkswagen are close to achieving compliance with the European Union’s emission requirements, with which the car maker could avoid the emissions fines imposed on it earlier. Its success depends on the volume of low-emission models it will manage to sell in the remainder of the year.
BMW luxury models sold remarkably in Q3 2020, contributing to a double-digit profit increase for the Bavarian car maker.
New-car sales in Hungary decreased by 4 percent in October year on year. Import registrations declined by a whopping 25 percent in the same period.
AutoWallis, a company registered on the Budapest Stock Exchange, reported on a 22 percent sales growth in the first nine months of 2020 despite unfavourable market conditions.
The European Automobile Manufacturers' Association published data on car registrations in Q3 per drivetrain type, revealing that every tenth new car sold in Europe in the third quarter was a plug-in hybrid or full-electric vehicle.
In October, German automotive companies had a more positive assessment of their current business conditions than in September thanks to growing demand, although their prospects for the future continue to be less optimistic.
