Mexican Media Brands
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.
#economics
Share
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.
RELATED CONTENT
-
China and U.S. OEMs
When Ford announced its 3rd quarter earning on October 24, the official announcement said, in part, “Company revenue was up 3 percent year over year, with net income and company adjusted EBIT both down year over year, primarily driven by continued challenges in China.” The previous day, perhaps as a preemptive move to answer the question “If things are going poorly in China, what are you doing about it?, Ford announced that it was establishing Ford China as a stand-alone business unit.
-
On The German Auto Industry
A look at several things that are going on in the German auto industry—from new vehicles to stamping to building electric vehicles.
-
Enterprise Edges into Self-Driving Car Market
U.S. rental car giant Enterprise Holdings Inc. is the latest company to venture into the world of self-driving vehicles.