{"id":109213,"date":"2026-09-04T10:05:35","date_gmt":"2026-09-04T09:05:35","guid":{"rendered":"https:\/\/www.fondazionepirelli.org\/?p=109213"},"modified":"2026-09-04T10:05:35","modified_gmt":"2026-09-04T09:05:35","slug":"the-automotive-industry-an-example-of-how-the-economy-can-change","status":"publish","type":"post","link":"https:\/\/www.fondazionepirelli.org\/en\/corporate-culture\/insights\/the-automotive-industry-an-example-of-how-the-economy-can-change\/","title":{"rendered":"The automotive industry: an example of how the economy can change"},"content":{"rendered":"

A study by the Bank of Italy analyses the evolution of the sector from before Covid to today<\/em><\/p>

A careful examination of key elements of the economic system can help us to gain a better understanding of the situation facing businesses. This exercise, which has significant practical implications as well as being theoretical, was carried out by the Bank of Italy in relation to the global automotive industry. It tracked the industry’s evolution from before the start of the Covid-19 pandemic to the present day.\u00a0 This is particularly useful for understanding the distinctive features, resources, and capacity for response of a sector that is fundamental to a significant proportion of manufacturing activity in Italy, Europe, and beyond.<\/p>\n

\u2018The global automotive sector after the pandemic: key questions and answers\u2019 is the result of work carried out by Lorenzo Bencivelli, Alessio Ciarlone, Emidio Cocozza, Andrea Gerali, Andrea Perin and Carmine Porello, economists working in the Directorate for Economics, Statistics and Research at the Italian central bank. The study has one objective: to examine the main structural changes that have reshaped the global automotive industry. Organised as a series of questions and answers, the study therefore analyses key developments in terms of market dynamics, electrification, trade policy, supply chains and digital technology.<\/p>\n

The post-pandemic recovery \u2013 as highlighted in the conclusions \u2013 has been surprisingly uneven: whilst vehicle sales in China have exceeded pre-pandemic levels, advanced economies \u2013 particularly within the European Union \u2013 have remained significantly below 2019 volumes, due to reduced spending power and political uncertainty. Economists at the Bank of Italy also highlight a crucial point: China\u2019s rapid rise as the world\u2019s largest producer and exporter of electric vehicles has been driven by a robust industrial policy, dominance of the battery supply chain and an estimated 30\u201345 per cent advantage in production costs over its Western competitors, which has radically altered the competitive landscape. Conversely, European, Japanese and Korean original equipment manufacturers are facing increasing pressure due to China\u2019s push towards electrification, the fragmentation of trade and the transition to software-defined vehicles \u2013 areas in which Chinese companies are estimated to have a lead of two or three years. The document also examines the so-called \u2018defensive measures\u2019 adopted by the United States and the EU, including prohibitive tariffs and countervailing duties, which have proved only partially effective, with imports of passenger cars from China into the EU set to rise by almost 30 per cent in 2025.<\/p>\n

The analysis carried out by the Bank\u2019s economists therefore reaches a further conclusion: divergent industrial, trade and environmental policies are fragmenting global automotive markets into distinct regional ecosystems, driving up costs, complicating investment and accelerating a structural realignment of competitive advantage. This situation and this trend \u2013 as described by the Bank of Italy\u2019s research on the global automotive industry \u2013 may also apply to other parts of the local and global economic system, which is increasingly influenced by the complexity surrounding it.<\/p>

The global automotive sector after the pandemic: key questions and answers <\/strong><\/a><\/p>\n

Lorenzo Bencivelli, Alessio Ciarlone, Emidio Cocozza, Andrea Gerali, Andrea Perin and Carmine Porello<\/p>\n

Banca d\u2019Italia, Questioni di economia e finanza, Occasional papers, Number 1030 \u2013 July 2026<\/p>\n","protected":false},"excerpt":{"rendered":"

A study by the Bank of Italy analyses the evolution of the sector from before Covid to todayA careful examination of key elements of the economic system can help us to gain a better understanding of the situation facing businesses. 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