These results represent historic levels according to the Automotive Cluster of the Basque Country and are a response to the tight management of the companies.
The Basque automotive sector had a turnover of 25,023 million euros in 2023, 11.5% more than the previous year, which represents “historical levels“, as reported on Thursday by the ACICAE-Automotive Cluster of the Basque Country in a press release.
This statement specifies that this figure does not take into account the specific gravity of Mercedes Benz Vitoria-Gasteiz.
The results, as explained, are a consequence of the companies’ ‘tight’ management, their diversification of customers/markets/technologies and a demand for the production of vehicles that have performed ‘reasonably well’ on all continents.
In terms of employment, out of a total of 740 productive factories in the sector, there were more than 140,000 thousand people in the world, of which 38,480 were in the Basque Country, which means that it remains in Euskadi compared to the previous year.
90% of the sector’s turnover remains international, and more than half of this is generated outside Europe.
In terms of R&D&I, Basque companies spent almost 3.5% of their turnover on this, a figure higher than the previous year.
The Forecasts for this year are “moderately optimistic”as indicated in the note, and will depend on the way in which the projects of the car manufacturers and the economic strength of the consumers are consolidated.
The Basque automotive sector consists of approximately 300 sub-companies, ranging from multinationals with foreign capital, local multinationals, cooperatives to family businesses.
Source: EITB
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