German manufacturers warn of the sector's 'formidable crash'

Published On Nov 17, 2024, 7:02 PM

Beckhoff Automation's owner, Hans Beckhoff, highlights a significant economic crisis in Germany affecting manufacturers, characterized by rising energy costs, inflation, and infrastructural issues. Companies are struggling amidst increasing competition from China, especially in the automotive sector, where German brands face declining demand and financial losses. The upcoming government elections may influence the industry's recovery strategies, with hopes that political stability could lead to necessary reforms and innovations in manufacturing.