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Prior to the July 10 publication of Italy’s industrial production data, a literal collapse of the automotive sector is evident from yesterday’s report presented by trade union Fim-Cisl. It shows that Stellantis, the group that took over all the Italian carmakers, sold 36% less, year on year. Of the three productive sites left, only Pomigliano, which produces premium vehicles, stayed afloat with +3.5%. Melfi and Turin-Mirafiori, where cars of the lower and medium-price segment are produced, collapsed by 57 and 63%, respectively!

Such data followed less dramatic, but still heavily negative data on the automotive sectors of France and Germany (see briefing of July 6), in the context of a sharp contraction of industrial production in both countries.

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