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Taiwanese Automotive Fastener Companies Likely to Perform Better Than Last Year Amid China's EV Boom
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2024-05-06
Taiwan's fastener industry has been hit hard by the recession. However, automotive fastener sales are going up with the EV boom in China. In addition, the depreciation of the New Taiwan dollar is beneficial to exports. Taiwanese automobile fastener companies including Boltun, Sumeeko and Spec Products Corp are all expected to perform better this year.
According to statistics, China's automobile sales in Q1 this year reached 6.72 million units, with an annual increase of 10.6%. A company said that the current export orders for automotive fasteners have rebounded to 80% to 90% of the previous normal level. The orders for automotive nuts have rebounded to more than 70%, although the recovery is relatively slow. Major Taiwanese automotive fastener companies are expected to benefit from the booming auto market. Analysts predict that these companies will perform better than last year and make more profits.
Taiwanese automotive fastener companies
Chinese car sales
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nuts
manufacturers
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