Gloomy outlook for the automotive sector
As many as 70% of automotive firms in Slovakia reported higher sales last year; 47% of them were in double-digits. Their outlook for this year is gloomier than last year, though, according to a survey by PwC, a consultancy. Only 20% of companies expect double-digit growth this year, half of last year’s number. Some 48% plan major investments in the coming 3-5 years into automation and technologies, while 34% plan cost and productivity control with current technologies. Only 14% plan to change product portfolio. Last year, 60% of the companies used over 80% of their capacity. About 15% of the automotive firms consider relocating production out of Slovakia, up from 5% last year.