Seasonal fluctuations in carmaking affect Pasubio
Italian tannery Pasubio has reported revenues for the three months ended March 31 of €88.3 million, a decrease of €7.9 million compared with the first quarter last year.
It said: “Our business is seasonal. Our working capital requirements typically increase during the first and third quarters of the year and reduce towards the end of the year. OEMs typically slow down vehicle production during certain portions of the year.
“For instance, our European customers slow down vehicle production in August and during the holiday season in December during which they also often conduct internal maintenance and adjustments to inventory.
“Further, there are a fewer number of working days at the end of the year as opposed to the beginning of a year and this results in a reduction in vehicle production.”
It added that in the automotive industry, interest in electric vehicles is experiencing a notable increase. This surge is driven by growing consumer demand for more sustainable transportation options, bolstered by a variety of government incentives. However, despite these encouraging developments within specific industries, the overall economic outlook for 2024 remains “cautiously optimistic”.
Image: Production Audi Q6 e-tron at the car company’s Ingolstadt site.
