Hungary Autos Report Q4 2011 - new market research report published
2012-05-28 12:59:06 - Hungary Autos Report Q4 2011 - a new market research report on companiesandmarkets.com
Hungary´s automotive sector has continued its recovery in Q211. Around 23,110 new passenger vehicles were sold in Hungary in H111, an increase of 7.3% y-o-y. German firm Volkswagen´s sales rose 10.5% y-o-y in H111, and the company took a 29.2% share of the country´s passenger car market. The Hungarian government may attempt to boost the country´s automotive industry by banning
the registration of new vehicles in foreign countries. It is doubtful that such a policy would speed up the pace of the sector´s recovery, although it would increase the government´s tax revenue, as registering a new vehicle across the Hungarian border avoids the country´s high taxes.
Following the Hungarian government´s decision to grant HUF11.2bn in subsidies to German carmaker Audi´s local operations in April 2011, the Budapest Business Journal reported in July 2011 that the expansion of the automaker´s Gyor facility would create 2,100 jobs, ahead of earlier estimates of 1,800. Work on the facility commenced in July. In addition, German engineering group DÃ¼rr will construct a paint shop at the site. Similarly, work on the expansion of German carmaker Opel´s SzentgotthÃ¡rd plant commenced in April 2011. Opel will launch seven new vehicles by 2014.
Meanwhile, in July 2011 Raba signed a HUF1bn agreement with German automotive parts supplier Fehrer to supply components for 750,000 vehicles. From 2013, Japanese carmaker Suzuki Motor will assemble a new 1.6 litre model at its plant in Hungary. Meanwhile, Opel has announced plans to launch a range of electric vehicles in 2011, as well as a fuel-cell electric vehicle by 2016.
While it is expected we will see growth in Hungary´s automotive sales and production figures in 2011, this will largely be as a result of the low base rate set in 2009 and 2010. Even so, figures are unlikely to match those reported before the country´s 2006 balance of payments crisis and later global recession until 2015 or beyond. In the meantime, the Hungarian Vehicle Importers Association has forecast that vehicle sales will reach 58,000 units in 2011, in line with the forecast of an 11.38% increase in sales, to 58,665 units. In terms of production, we expect to report a 10.19% increase over 2011 to 252,375 units. Passenger cars will continue to account for the majority of vehicle production and sales.
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