German Automobile Industry Association Adjusts the Growth Forecast Due to the Russia-Ukraine Conflict

Published: Apr 06, 2022 10:51 (GMT+8)

Source: SMM

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The Russia-Ukraine conflict has had a serious impact on the German automobile industry.

SHANGHAI, Apr 6 (SMM) - The Russia-Ukraine conflict has had a serious impact on the German automobile industry. According to the latest report released by the German Automobile Industry Association on April 5, local time, automobile production in Germany will increase by 3.3 million in 2022, with an increase of only 7%. Previously, the association's forecast was 13%. At the same time, the overseas production of German car companies is also expected to increase by 9.6 million, an increase of 2%, which is only half of the previous forecast. In this regard, Mueller, president of the German Automobile Industry Association, said that the downward adjustment of the growth forecast is a preliminary response to the impact of the Russia-Ukraine conflict on the supply chain and the global economy. As western countries may impose new sanctions and other uncertain factors on Russia, the impact may be further expanded. (CCTV)

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