The Czech Republic is on course to produce 250,000 less cars this year according to Reuters. Driven by continuing chip shortages, production is on track to be lower than during the height of the Covid-19 pandemic, fueled by the market’s largest producer, VW, who have previously said they would limit production and shut down plants until the end of the year. Automotive manufacturing makes up 35% of the Czech economy, employing 120,000 people, producing 1.3million units per year and drives most major leasing and contract hire markets in Western Europe. Read more about the store here.
Next week sees the start of the Munich Motor Show (Officially called IAA Mobility). Most OEM powerhouses are present, showcasing their latest production cars and concept offerings. Leasing and fleet managers will be paying attention to several of the offerings as the industry continues its march towards alternate fuel. It’s rumored that BMW will unveil a new version of the 7 Series as well as a new version of their X5 called the iX5 Hydrogen, ready for production in 2022. Kia looks set to launch a new Sportage, Mercedes are looking to launch eight new vehicles, with Renault, Volkswagen and Porsche following up with new cars. You can find out more here.