Spanish electric car production leading in Europe18.04.2016
The Spanish automotive sector rose by 25% (5721 units) in the first trimester of 2016. This sector is strategically very important for the country’s economy, as it accounts for 10% of the Spanish industry sectors´ share of GDP and 9% of employment. It also accounts for 12% of Spanish exports an 4.9% of imports. Spain is still the second largest car manufacturer in Europe, behind Germany, and ranks number 8 globally.
The outlook for the remainder of 2015 remains optimistic in 2016, given the expected Spanish GDP growth rate of 2.7% this year and forecasts for further acceleration of economic growth in the Eurozone (1.7% in 2016). Spanish car production is forecast to increase to about 3 million units in 2017. Furthermore most of the Spanish citizens are inclined to buy electric cars, according to the latest statistics.
Key figures automotive Spain
- Spain is the 2nd larger car manufacturer in Europe and 8th worldwide.
- 1st Industrial Vehicle Manufacturer in Europe.
- The most reputed car makers are established in Spain.
- 9 multinational brands and 17 manufacturing plants all over the territory.
- 83% of the vehicles manufactured in Spain are shipped abroad to over 100 countries.
- 1,000 Companies from International groups to SME’s in the Componente Industry.
Electric cars have become popular in Spain
The Spanish urban landscape is changing, as more and more residents are exchanging their old cars for new electric ones. According to the latest data, the sale of electric motor vehicles rose by 213% in February 2016 alone, compared to the same month of 2015. In February, automotive dealerships in Spain reported a total of 254 units sold. Most of the buyers came from large cities, such as Madrid, Seville and Malaga.
Spain’s automobile domestic market has reached nearly 50 million consumers during the last few years, which have turned the country into one of the largest car manufacturers and exporters in Europe and in the world. Among European countries, Spain also leads in the production of industrial and light vehicles. At the moment, some of the largest German car producers have established 17 plants.
The Spanish Government supports the automotive sector
The development of the automobile industry was and still is heavily supported by the Government, as Spanish companies operating in various areas of this sector benefit from grants. This is what attracts a large number of foreign investors every year.
One of the best programs to help the automotive industry is the Industrial Sectors Reindustrialization and Competitiveness Program which is dedicated to private companies only. Under this scheme, Spanish companies can contract loans with low interest rates and 10 year-payment periods. The Government partially guarantees the loan. Another scheme is the Efficient Vehicle Incentive Program.