Three Slovak carmakers among top 10 in the region

AUTOMOTIVE companies Volkswagen Slovakia, Kia Motors Slovakia and PSA Slovakia are listed among top 10 carmakers in central and eastern Europe, according to the CEE TOP 500 ranking compiled by Coface, based on their turnover in 2013.

The leader among Slovak carmakers is Bratislava-based Volkswagen, which placed second, with a turnover at €6.524 billion. Kia Motors Slovakia placed fourth with a turnover at €4.45 billion; while PSA Slovakia was ninth, with turnover at €2.18 billion, the SITA newswire reported.

The automotive sector in the CEE region is closely linked to the global demand for cars, since most vehicles produced by region’s carmakers are exported to the whole world. This means that the future development in the sector will depend on the gradual stabilisation of the situation in western Europe, as well as on measures adopted by Russia as a response to the EU sanctions, said Grzegorz Sielewicz, chief analyst of Coface for central and eastern Europe.

“If the measures restricted the imports of new cars to Russia, it would impact foreign producers,” Sielewicz said, as quoted by SITA. “They already started considering assembling a significant part of their production in Russia to reduce the negative impact of devaluing currency.”

Russia, according to him, already noticed the worsening sales of cars in the country, which dropped by 26 percent year-on-year in August.

While the demand from the eurozone countries will remain stable in medium-term horizon, Russian consumers face increasing inflation and devaluation of the currency, Sielewicz added, as reported by SITA.

Source: SITA

Compiled by Radka Minarechová from press reports

The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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