Automotive industry records 4.7% decline in sales in the first half of 2024

Marc Nemitz Marc Nemitz | 07.10.2024

Exports of new cars remained stable, while employment figures declined slightly. Nevertheless, the automotive sector remains the industry with the highest turnover in Germany. Punitive tariffs could put further pressure on the market.

Wiesbaden, October 7, 2024 - In the first half of 2024, the automotive industry recorded nominal sales of €269.5 billion, which corresponds to a decline of 4.7% compared to the previous year's record figure, according to the Federal Statistical Office (Destatis). While a record turnover of 282.6 billion euros was achieved in the first half of 2023 due to rising prices, the current decline in turnover was seen across all manufacturing sectors in the industry: car bodies, superstructures and trailers recorded a decline of 11.6%, parts and accessories for motor vehicles of 5.4%, and sales of motor vehicles and engines fell by 4.3%.

Stable exports, but decline in e-cars

At around 1.7 million cars, exports of new cars in the first half of 2024 remained almost at the previous year's level (-0.3%). At a value of 68.4 billion euros, exported vehicles accounted for around 70% of the industry's total turnover. The decline in electric cars is particularly striking: while around one in four new cars exported was electrically powered (22.7%), the number of e-cars exported fell by 2.5% compared to the same period last year. Nevertheless, more than twice as many e-vehicles were exported compared to 2022 (+113.9%).

Employment figures down slightly: 773,000 employees

At the end of the first half of 2024, the automotive industry employed around 773,000 people, a decrease of 0.8% compared to the previous year. This means that the automotive industry remains the second-largest industrial sector in Germany after mechanical engineering, employing 14% of the industry as a whole.

Punitive tariffs and political requirements

The automotive industry is one of the most important sectors in Germany and makes a significant contribution to the country's economic strength. To ensure that this remains the case in the future, clear political framework conditions play a key role alongside successful management decisions. Only with transparent and stable political guidelines can start-ups in particular set out to develop innovative solutions in the automotive sector. However, the punitive tariffs recently imposed by the EU on Chinese vehicles pose a challenge. These measures could place a considerable burden on the export-oriented German automotive industry in particular and impair its international competitiveness.


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