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Motor vehicle sector: explaining the drop in output and the rise in prices

Author

Listed:
  • De Santis, Roberto A.
  • Di Sano, Martina
  • Gunnella, Vanessa
  • Neves, Pedro

Abstract

Euro area motor vehicle output fell by approximately one-third between June 2018 and July 2022. This can be explained by factors associated with the more stringent emissions tests implemented in the EU, the EU regulation on carbon dioxide emissions, the transition towards electric vehicles, supply chain disruptions, the rise in energy costs and, more recently, the increasing macroeconomic uncertainty related to the war in Ukraine. Euro area car exports also decreased at the same time. The transition to greener motor vehicles and the future evolution of supply bottlenecks are key factors shaping the outlook for euro area car production and exports in the coming years. JEL Classification: E31, E32, F10, L62

Suggested Citation

  • De Santis, Roberto A. & Di Sano, Martina & Gunnella, Vanessa & Neves, Pedro, 2022. "Motor vehicle sector: explaining the drop in output and the rise in prices," Economic Bulletin Boxes, European Central Bank, vol. 7.
    • Handle: RePEc:ecb:ecbbox:2022:0007:2
    Note: 185689
    as

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    More about this item

    Keywords

    car exports; car inflation; Car production; export market shares; green transition; supply bottlenecks;
    All these keywords.

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • F10 - International Economics - - Trade - - - General
    • L62 - Industrial Organization - - Industry Studies: Manufacturing - - - Automobiles; Other Transportation Equipment; Related Parts and Equipment

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