Automotive, the autumn recovery and the unknowns of the new year

Countertrend indicators

The production of the Italian automotive industry as a whole therefore grows by almost double digits compared to a year ago, while it records an adjustment in the first ten months of the year and drops by 0.2%. Looking at the individual production sectors of the sector, the most lively is the motor vehicle manufacturing index (+16.6%) alongside the sector for the manufacturing of bodies for motor vehicles, trailers and semi-trailers, which increased by 19.8% in the month and 3.4% in the cumulative. The manufacture of parts and accessories for motor vehicles and engines also grew, by 2.9% in October and by 0.1% since the beginning of the year. The production of domestic cars only, according to the survey by Anfia, the Association of companies in the supply chain, increased by 14.9% in October and by 16.6% in the first ten months of 2022.

The performance of exports was also good, although in this case below the average recorded in Italy in general. The latest data elaborated by the Anfia Study Center dates back to September 2022: the export of motor vehicles has started to rise again and recorded an increase of 7.4%, with a negative trade balance in any case, while the components grew by 4 .7% with a positive trade balance of 3.7 billion since the beginning of the year.

The unknowns

2023 will see further easing of tensions on the supply chains of semiconductors and electronic components, even if the market “promises” to remain on volumes that are about a third lower than in the pre-pandemic phase. For Made in Italy components, the uncertainties come both from the Stellantis world, which will have to give strength to the plans announced for Melfi and Mirafiori, for example, and from the transition to electric mobility.

«The automotive production chain can count on the line of continuity adopted by the Ministry of Enterprise and Made in Italy with respect to the work of the previous government, as confirmed by Minister Urso at the automotive table convened on 5 December last – highlights Gianmarco Giorda , director of Anfia – There are resources and tools to address the sector’s energy transition and there is the intention to make corrections and changes where necessary».

The reference is to the recalibration of the funds already allocated for investments (14 billion euros between the Automotive Fund and Pnrr) and the remodulation of the agreements for innovation and development contracts. “Regarding the 250 million euros estimated by us as the ‘surplus’ of the 2022 incentives for the purchase of electric cars – adds Giorda – we asked that these resources be reinvested in the sector the following year”.