Economy News

Italy: Automobile production fell by 37.4%

Sponsored

According to figures released by the National Statistics Institute (Istat) on Monday, the decline in automobile production has accelerated sharply from July’s 7.4% drop.

italy automobile production

Italian automobile production dropped 37.4% in August. This decrease is mostly due to the global shortage of semiconductors, according to data released Monday by the Institute.

According to figures released by the Istat to AFP, the decline in automotive production has accelerated significantly from the 7.4% decline in July.

Over the period January-August, the production shows however an increase of 43%, compared to the first eight months of 2020.

Electronic components to fuel electric vehicles are in high demand. The global shortage is related to a market recovery following the lifting of health restrictions imposed by the pandemic.

Manufacturers, however, compete against other chip-intensive industries, including computers, smartphones, and connected objects, that capture much of the supply.

While the market is slowly recovering from the devastating effects of the Covid-19 pandemic, the severe chip shortage has significantly disrupted production at automotive plants in Italy.

A fall in vehicle sales in Italy was the result of the epidemic, which prompted factories to close their doors. According to the national association of car manufacturers (Anfia), this represented a 28% decrease year over year.

During the peak of the Covid-19 pandemic, from March to April 2020, registrations declined by 91%. They then gradually recovered as a result of measures to revive the car industry.

An average of 1.7 million vehicles are selling each year in Italy from 2010 to 2019. In comparison, the volume accounted for 2.3 million in the previous decade (2000 to 2009).

Stellantis to Announce Third Quarter 2021 Shipments and Revenues on October 28.

Stellantis N.V. previously announced that its Third Quarter 2021 Shipments and Revenues will be released on Thursday, October 28, 2021.

For MetaNews.

Avatar

Jonathan Hobbs

Jonathan Hobbs is an Australian investor and author that trades on a variety of asset classes, including currencies, equities, and commodities. Jonathan’s experience as a macro trader leverages his unique writing style to combine important elements, such as technical analysis and news. The other elements that he brings into his unique writing styles are foundation analysis aimed at rational equilibrium values, evaluating the sizes and motivations of buyers and sellers, as well as identifying the needs of the buyers and sellers in the individual markets. Jonathan is committed to quality writing for new traders as well as veterans.

Related Posts