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The global auto industry is in constant turmoil

Views: 0     Author: Site Editor     Publish Time: 2023-05-20      Origin: Site Inquire

The global auto industry is in constant turmoil

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               When the Russia-Ukraine conflict broke out on February 24, 2022, no one may have imagined that the conflict would last for such a long time and have a huge impact on the global auto industry and even the global economy. Up to now, 2022 has come to an end, but there is still no sign of an end to the Russia-Ukraine conflict.


               The impact of the Russia-Ukraine conflict affects many fields such as finance, industry, agriculture, and energy. The auto industry is inherently comprehensive, wide-ranging, and long-chain, so it is naturally inevitable. The first to bear the brunt is the Russian auto market. After a long suspension, Renault, Toyota, Nissan, Mercedes-Benz, Ford and other auto companies had to choose to give up the Russian market, while Chinese auto brands quickly filled the gap in the market.


               In addition, the Russia-Uzbekistan conflict has fueled global inflation. The World Trade Organization predicts that global trade will slow down sharply in 2023. The risk of recession has intensified, and the venture capital market has also cooled. The conflict between Russia and Ukraine has also caused severe shocks in the global energy market. Oil and gas prices have soared. The European energy crisis has intensified. In addition, Russia is a major producer and exporter of various key raw materials. After the Russian-Ukrainian conflict broke out, global prices of rare metals and raw materials fluctuated violently. The sharp rise in commodity prices has led to rising costs for car companies, and the pressure has been transmitted to the consumer side. The retail prices of cars in major markets around the world, especially the prices of new energy vehicles, have generally risen.


               Comments: The conflict between Russia and Ukraine has caused a sharp increase in the pressure and cost of the global auto supply chain, hindering the recovery of the global auto market. Moreover, the conflict between Russia and Ukraine has also had a negative impact on the global economy, and it has also imperceptibly dampened consumers' enthusiasm for car purchases.


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