Crisis in the automotive industry

Boryszew announced that his German companies Icos Theysohn Kunststoff and Theysohn Formenbau, which manufacture plastic car accessories, will file for bankruptcy.

The reason for filing for bankruptcy is the decline in new orders from major customers. Icos is not the only German company facing insolvency. Many companies in Germany have filed for bankruptcy due to reduced production. As a result of these actions, there was a reduction in jobs, as a result of which many employees lost their jobs.

This problem is starting to affect other countries as well. The automotive industry is related to the German market, which means that in many countries, as well as in Poland, automotive companies may face financial problems. For this reason, they sound the alarm that they need support from the government. On October 21, the Social Dialogue Council adopted a resolution requesting the government to urgently develop and launch a program of assistance and job protection.

Source: https://www.pb.pl/ruszylo-domino-upadlosci-z-niemiec-1131772