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Chinese market stabilizes business of German car manufacturers: EY study

Abstract : Germany's large car manufacturers Volkswagen, BMW and Daimler emerged from the COVID-19 crisis year 2020 well in an international comparison, according to a study published quarterly by consulting firm Ernst & Young (EY) on Monday.

BERLIN, April 19
(Xinhua) — Germany’s large car manufacturers Volkswagen, BMW and
Daimler emerged from the COVID-19 crisis year 2020 well in an
international comparison, according to a study published quarterly by
consulting firm Ernst & Young (EY) on Monday.

Revenues of German car manufacturers were only down ten percent, unit
sales were down 14 percent and profits declined by 26 percent, while
French car manufacturers, for example, were particularly affected as
profits plummeted 84 percent, according to the study.

“Companies with a strong China share benefited from the relatively
stable development on the Chinese sales market. By contrast, those
operating mainly in Europe suffered massive losses in some cases,” said
Peter Fuss, senior advisory partner in the automotive field at EY.

For all three German automotive groups, the Chinese sales market
continued to “gain in importance last year,” the study noted. With 39.4
percent of new cars sold by Volkswagen, BMW and Daimler in 2020 was
handed over to a Chinese customer.

The 17 international car companies surveyed only recorded a 4-percent
drop in passenger car sales in China last year. At the same time, sales
in the U.S. declined by 14 percent year-on-year and even plummeted by
25 percent in Europe, according to the study.

“The Chinese sales market had an important function for the global,
but particularly for the German automotive industry last year,” said
Fuss. “Sales generated in China were able to stabilize the industry as a
whole, while there were painful losses in the U.S. and particularly in
Europe.” Enditem

About Xinhua Silk Road

Xinhua Silk Road (en.imsilkroad.com) is the Belt and Road Initiative (BRI) portal.China’s silk road economic belt and the 21st century maritime silk road website,includes BRI Policy, BRI Trade, BRI Investment, Belt and Road weekly, Know Belt and Road, and the integrated information services for the Belt and Road Initiative (BRI).

Source: Chinese market stabilizes business of German car manufacturers: EY study

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