Illustration
Due to the global shortage of microchips the Czech Republic’s biggest exporter, auto manufacturer Skoda, has announced a significant production cut – starting in October – which could last until the end of 2021. According to economists, it could exert a significant effect upon Czechia’s overall economy by cutting into anticipated economic growth driven by the auto industry there. Toyota’s facility in the country has also been forced to slow assembly.
Thousands of Skoda autos have been assembled, but are waiting for chips to be finished, while dealerships are wait-listing buyers. Employees at Skoda are receiving 85% of their wages. Owned by Germany’s VW, Skoda employs 35,000 workers out of the 180,000 who work in the auto industry in the Czech Republic.
Meanwhile, the European Commission is working on a measure to increase chip production.
One of the most disappointing characteristics of our 21st Century is that while we live…
Polish Prime Minister Donald Tusk called on European leaders to increase their defence spending while maintaining close ties…
The Munich Security Conference ended on a cautiously positive note for EU candidate countries Albania…
Greece is poised to become a key player in the EU’s efforts to secure critical…
Polish Foreign Minister Radoslaw Sikorski stressed the necessity of European involvement in any peace talks…
Poland’s economy emerged as a regional standout in 2024, recording a GDP growth of 2.9%,…