The economist warned that "the ongoing process is a sign for other sectors as well."

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European automotive companies are experiencing a major crisis due to declines in sales and profit margins. This crisis negatively affects many indicators in the European economy, particularly employment and the automotive supply industry.

Prof. Dr. İbrahim Güran Yumuşak, Dean of the Faculty of Business Administration at Istanbul Sabahattin Zaim University, was a guest of presenter Abdurrahman Yazıcı in the Haberler.com Studio. He stated that the crises in the automotive sector are actually indicators of gradually growing economic crises. He noted that competition would intensify in the near future due to China's local incentives and Trump's promises, and that European economies would face serious challenges. Prof. Dr. Yumuşak continued his remarks as follows:

IS THE CRISIS IN AUTOMOTIVE A SIGN OF CRISIS IN OTHER SECTORS?

"Both the European and American economies are in serious competition with the Chinese economy. In fact, the processes experienced in the automotive sector are also indicators for other sectors. One way or another, we are facing serious competition between America, Europe, and China. Due to China's share in both population and global gross domestic product, its power to influence and determine general economic trends is quite high, and this is an increasing trend. For many years, China has been strengthening and diversifying this production power and supply capacity, and it is gradually reaping the results. Therefore, the process that started with cheaper wages has been supported by cheaper input and raw material supply, even with more favorable energy inputs due to the Russia crisis."

CHINA'S SUPPORT FOR THE LOCAL SECTOR HAS DISRUPTED MARKETS

"The general economic program implemented by China actually supports these strategic sectors through various instruments. When these come together, we see that China is entering important sectors in global markets quickly and effectively. Of course, the recent energy crisis that Europe has experienced has brought about a serious bottleneck."

"EUROPEAN ECONOMY IS IN A SERIOUS STAGNATION"

"Currently, the European economy is trying to use all its power to increase its size and effectiveness in a serious stagnation that began with the pandemic and continued thereafter. Especially during Trump's era, we will likely see this being used more effectively. Indeed, declaring that additional taxes will be imposed on imported products, especially those coming from South America and China, is the first step. Such developments were already a challenging process for the automotive sector in Europe, and the energy bottleneck due to the Russia crisis, along with the protectionist approach of the USA, seems likely to seriously challenge the European economy and the automotive sector in the future."