German auto industry sees 4.7 pct sales decline in H1

BERLIN, Oct. 7 (Xinhua) — Germany’s automotive sector experienced a downturn in the first half (H1) of 2024, with sales declining by 4.7 percent year-on-year, the Federal Statistical Office (Destatis) reported on Monday.
Total sales in the first six months amounted to 269.5 billion euros (296.5 billion U.S. dollars), down from 282.6 billion euros during the same period in the previous year, which had marked an all-time high. The decline impacted all major segments of the industry, including vehicle bodies, parts, and engines.
Despite this downturn, the automotive sector remains Germany’s largest contributor to industrial revenue, accounting for a quarter of the total, according to Destatis.
While overall sales slowed, export performance remained relatively stable from January to June, with exports making up 70 percent of total sales — the highest share in 15 years. According to Destatis, of the 1.7 million vehicles exported, nearly a quarter were fully electric, representing a 113.9-percent increase compared to the first half of 2022.
However, the domestic market in Germany is experiencing weak demand for electric vehicles due to the abrupt end of government funding and overall sluggish economic conditions, the German Association of the Automotive Industry reported in July. The association noted a decline in electric vehicle sales in H1 and subsequently lowered its forecast for the entire year, predicting a 17-percent drop to 578,000 electric vehicles. (1 euro = 1.10 U.S. dollar) ■