The Portuguese automotive manufacturing industry's exports are predicted to fall in November and December, as demand for new cars slows across Europe.
Category
🗞
NewsTranscript
00:00Car factories are closing across Central Europe, with plans for job cuts among major manufacturers
00:07and a number of managerial resignations.
00:11Disrupted by the pandemic, challenges in transitioning to electric mobility, rising Chinese competition
00:17and declining sales are contributing to the crisis.
00:22The Portuguese industry is unlikely to remain unaffected, as 98% of cars in Europe contain
00:28at least one component made in Portugal.
00:52The impact will primarily affect automotive component manufacturers.
00:56This sector includes around 350 companies, employs 64,000 people and generated over
01:0314 billion euros in 2023.
01:26The car market in Portugal is still growing, up about 4% from the previous year.
01:47But the EU is aiming to phase out combustion car production by 2035, while electric car
01:53sales face challenges like high costs and inadequate charging infrastructure.
02:23The effects of the crisis in the European automotive industry are already felt in Portugal,
02:36but the sector anticipates that the worst is yet to come.
02:39Joana Marão Carvalho for Euronews in Lisbon.