The European automotive supply industry faced a difficult year in 2024
15-Jan-25, European Association of Automotive Suppliers
After years of steady growth, investments in electric vehicle components across the EU have sharply declined in 2024. While EV-related investments remained strong in 2023, they have plummeted in 2024, falling to €5.64 billion – the lowest level since 2019.
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Image: European Association of Automotive Suppliers
In 2024 alone, automotive suppliers announced that 54,000 jobs will be cut, with most of these in the next two to five years. Since 2019, automotive suppliers have announced a total of 145,000 job cuts, while only 51,000 new jobs have been created.
A significant 20% decline in annual vehicle production across the EU, coupled with rising energy and production costs has hit demand and weakened the competitiveness of European-made components.