Slovakia nervous as job cuts hit auto sector

Slovakia nervous as job cuts hit auto sector

Published at: 2019-07-11 10:41 | Author: CIJEurope.com
With nearly half of Slovakia's industrial output focused on the production of automobiles, the worsening outlook for European sales is causing panic, according to Idnes.cz. It writes that when Volkswagen's Bratislava factory announced its first firings in a decade, it came as a severe shock. Roughly 3,000 employees were fired from the factory, which produces the Touareg and the Porsche Cayenne. The paper quotes Reuters as writing that 12 percent of Slovakia's GDP is related to the production of automobiles as are one in ten jobs. Now a mature market player, Slovakia is being hit by problems from new competitors from Southeast Europe, by the increasing importance of electric cars on the market and by global trade tensions. Volkswagen is planning to build a new factory, but it will most likely be in Turkey.

Similar Stories:

M7 sells Aerozone Logistics Park in Budapest
JTRoss Group acquired Aerozone Logistics Park in Budapest from M7 Real Estate. The price o  »
Moje Bambino acquires production plant in Kutno
Moje Bambino has acquired a new production plant in Kutno. The facility is located in the  »
7R starts construction of 7R Park Łódź West
7R has started construction of 7R Park Łódź West at Inwestycyjna street in Konstantynó  »
LiNA Medical expands space at Goodman Poznań IV Airport Logistics Centre
LiNA Medical has expanded its space at the Goodman Poznań IV Airport Logistics Centre by  »
CTP has expanded hugely in recent years, both in terms of the size of the portfolio and ge   »
There’s a lot of discussion about innovation in the office sector and in retail, but thi   »
Last year was a big year for you, as you established yourselves on the UK market. What wer   »
CIJ: E-commerce continues to be the dominant topic in logistics, especially city logistics   »