BUSINESS SHORTS

Car industry sees Sk443 billion turnover

THE SLOVAK automotive industry reported a turnover of Sk443 billion (€13.2 billion) last year, which is up 34 percent from 2005.

This accounts for nearly 30 percent of the aggregate turnover of Slovakia's entire industrial sector.

Automotive Industry Association president Jozef Uhrík reported that 295,390 cars were produced in Slovakia last year, which is up 32 percent from 2005.

"While Volkswagen produced the most cars, PSA Peugeot Citroen also took off quite well," said Uhrík.

Uhrík said automotive industry companies will produce around 500,000 cars this year with production expected to increase to 800,000 annually by 2010.

Investments into the automotive industry last year totalled a record-breaking Sk61 billion (€1.8 billion), which is up 52.5 percent from the year before.

"During the upcoming two years, interesting figures are expected as far as investment is concerned, due chiefly to subcontractors," Uhrík added.

Last year Volkswagen, Kia and Peugeot Citroen employed 66,875 people in Slovakia, while they had 57,376 people on their payrolls in 2005. The association expects that as many as 100,000 people will be working in the Slovak auto industry by 2010.

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