Investor's window  |  August 03, 2012 16:11:35

Who survives the bloodbath?


Although I am against the use of such to tabloid headlines, I think more appropriate name article relating to the current conditions in the European automotive market. Who watched the press conference the head of the European association of car manufacturers Sergio Marchionneho, certainly knows what inspired me to do.

Marchionne, the boss of Fiat and Chrysler of the U.S., namely the bloodbath called the current competition of European automobile manufacturers and customers for their formation has accused its rival, Volkswagen.Although Marchionne indiscriminate use vocabulary and his speeches often arouse strong emotions, it is only my opinion, the most capable managers across the entire automotive industry and his call for coordinated action by the European Commission to reduce the huge proportion of unused production capacity in the sector has its indisputable merit.

The European car market this year, recognized another decline and fall in orders as well as decreasing the use of plants. In the automotive industry could be about 20% excess capacity. This of course reduces their efficiency and causing many automakers losses. Marchionne was on my own automakers led the way home, and Italy closes the second race.

The closure of some factories will have to proceed while other manufacturers such as Peugeot, Renault and Opel. As the automotive sector, but a major employer, bosses are under great pressure from automakers and unions in particular politicians to not close races.

The best are doing in this regard, German manufacturers (except Opel), the utilization of production capacity, while also decreased (approximately by 350 bps to 90%), but compared to Peugeot for example, the share of utilized production capacity amounts to just over 60% are doing very well. It is estimated that the cost-efficiently use the need for at least 75% of production capacity utilization.

It is thus clear that the current situation is not sustainable and the closures and layoffs will have to eventually, despite opposition politicians and trade unions occur. The European labor market can lose tens of thousands of jobs, which will increase the already record high European unemployment. Bloodshed probably just getting started and in my opinion of them come out victorious German producers. On the losing side in the first place will become French.

SIMAR George, an analyst at Cyrrus

Marek Hatlapatka (1978)

He graduated from the Faculty of Economics VSB-TU Ostrava, completed 3-month internship in London and fundamental analysis intensive course led by former chief analyst of Erste Bank Gale Kirking. In Cyrrus, as has been employed since 2006, when he took the place of stock market analyst focusing on foreign markets, pharmaceutical and banking sectors. Subsequently, he specialized in banking, electricity and coal in these sectors are now the most sought after professionals in the Czech Republic.In 2008 he became head of analytical department Cyrrus, as in this position operates even today. Long one of the most cited Czech economist, in 2010 became the fourth most cited economist in the Czech media.

Cyrrus, as is a licensed securities broker. The company was founded in 1995 and is currently the largest brokerage companies outside Prague. It is a member of the Stock Exchange and Prague Stock Exchangein Warsaw. Cyrrus, Inc., provides comprehensive services to private capital markets and corporate clients, focusing on exchange transactions in the system SPAD Prague Stock Exchange and trading on foreign markets in Poland, Hungary, Turkey, Germany and the USA. The company is one of the most important Czech businessmen with investment certificates.

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