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Auto Industry a Bright Spot in Spain’s Economic Revival
Some €5 billion in automotive investments are helping bolster Spain's country's industrial base, the Financial Times reports.
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Some €5 billion in automotive investments are helping bolster Spain's country's industrial base, the Financial Times reports.
The capacity expansions by Ford, General Motors, Renault and Volkswagen were driven by Spain's flexible work practices, moderate wages and economic reforms, according to the newspaper.
Jose Manuel Machado, who heads Ford operations in Spain, describes the auto industry as "one of the solutions to the Spanish crisis" that began when the country's construction sector collapsed in 2008.
ANFAC, Spain's auto industry group, estimates the country's vehicle production will grow 10% to 2.2 million units this year, placing Spain second in output in Europe to Germany. The auto sector has hired 2,400 workers so far this year.
Still, the FT notes that the auto sector's revival is a rare pocket of growth for Spain's industrial base, where more than 100,000 jobs have disappeared in 2013.
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