How important is the automotive industry to Europe?

There is much discussion about the state of the European automotive industry as one of the key branches on which the well-being of the entire continent rests.

The position of the European automobile industry is threatened, first of all, by the failures and decline in sales in the Chinese market (mainly by German manufacturers), the weak adoption of electric cars in which a lot has been invested, high energy prices. resources and also the lack of competition with labor prices (this applies above all to Germany where wages are high).

How important is the car industry to Europe?

The European Association of Automobile Manufacturers points out some important figures:

– 13.2 million Europeans work in the automotive sector
– This is 10.3 percent of all manufacturing jobs in the EU
– The automotive sector generates €383.7 billion in tax revenue for European governments
– Achieves a trade surplus of the European Union of 106.7 billion euros
– More than 7.5 percent of EU GDP is generated by the automotive industry
– The automotive sector allocates 72.8 billion euros per year to research and development, 33 percent of the EU's total.

It is clear that a serious crisis in the European automotive industry would seriously affect the EU economy. /Telegraph/