One in five European companies moves abroad

As energy prices are rapidly increasing, the German automotive industry demands immediate aid.

According to a statement made by president of the German Association of the Automotive Industry (VDA) Hildegard Müller to Süddeutsche Zeitung, it is first necessary to cut taxes, duties and fees.

A sharp increase in costs, and in energy costs in particular, has hit the suppliers the most.

At the moment, 10% of the companies belonging to VDA are already having liquidity difficulties, and another third is expected to face serious troubles within months. As it was by Müller, the described circumstances became the reason of half of the VDA’s member companies now cancelling or postponing their planned investments, and more than one fifth part of those companies are currently moving abroad.

The representatives of the German chemical industry have also expressed concerns about rapid growth of energy prices and announced relocation of their production outside the country.