Spectator on facebook

Spectator on facebook

FOCUS SHORT

Most car production goes abroad

THREE carmakers in Slovakia, Volkswagen Slovakia, PSA Peugeot Citroen and Kia Motors Slovakia, export as much as 98 percent of their production, Jaroslav Holeček, the president of the Slovak Automotive Industry Association (ZAP), told the TASR newswire in early January when Slovakia marked the fifth anniversary of the adoption of the euro.

THREE carmakers in Slovakia, Volkswagen Slovakia, PSA Peugeot Citroen and Kia Motors Slovakia, export as much as 98 percent of their production, Jaroslav Holeček, the president of the Slovak Automotive Industry Association (ZAP), told the TASR newswire in early January when Slovakia marked the fifth anniversary of the adoption of the euro.

The carmakers say the euro is an advantage for them as it has eliminated foreign exchange risks linked with crossborder financial transactions.

“Carmakers do not need to think where the export is headed,” said Holeček. “Before [Slovakia's adoption of the euro], when exporting [cars] to third countries without the euro, it was necessary to take into consideration three exchange rates: the crown, the euro and the currency of the third country.”

Carmakers in Slovakia manufactured more than 980,000 cars in 2013, upping their production by 5.8 percent compared with 2012. The estimate for 2014 is lower because of an expected shift in the car models manufactured in Slovakia. The Slovak automotive industry accounts for 26 percent of the total exports while all three carmakers rank among the biggest exporters in Slovakia.

Top stories

Night life in Bratislava will not end

Councillors for the Old Town adopt new opening hours for pubs, night clubs and restaurants.

Cvernovka's creative talents celebrate first open day at new premises Photo

Bratislava's art and design ateliers from the old yarn-making factory open their doors on May Day.

New premises for Cvernovka

How social networks can earn you a ticket to Germany

Can a status on a social network change someone’s life? Yes, if you write humorous stories about a fictive German ambassador.

Assaf Alassaf (r) talked about his life and his book in Bratislava

New investor to create 500 jobs in Nitra

A company following the Jaguar Land Rover carmaker to Nitra plans to create 500 new jobs and invest €17 million.

Tha Jaguar Land Rover draws also other investors to Nitra.