The majority of investment projects in Western Europe over the last quarter are aimed at value-added high-tech manufacturing. Germany stands out for several projects as the national industry faces up to the charges levelled against it in the general election that it has fallen behind in the innovation stakes.
Greece's automotive sales outperformed expectations and recorded strong growth for the first 10 months of 2017. However, Greece's automotive sector is heavily dependent on external factors, such as exports and tourists, which will fluctuate in correlation with external demand changes.
Vehicle production in Germany will experience growth of 2.0% in 2018 supported by a favourable outlook for the domestic and European markets. That being said, we expect declining vehicle demand in the UK and US will act as a drag on German-made autos exports.
Electrification remains the most dominant theme in Western Europe this quarter with German luxury brands leading the way in turning their vague promises of fleet electrification into tangible projects actually being implemented at their major plants.
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Thanks, BMI Research