1、December 2021Industry Trends AutomotiveFocus on sector business performance and credit risk Automotive industry performance per market .3Introduction Global automotive-performance at a glance .4Brazil Economic uncertainty hinders external financing for businesses .5 China Long payment periods put pr

2、essure on smaller suppliers .6 Czech Republic A sharp increase in insolvencies expected .7 France Cash flow and margins of many suppliers under pressure .8 Germany Sector assessment downgrade as suppliers face major issues .9 Italy Shift to e-mobility is a major challenge for many suppliers .10 Japa

3、n Stable credit risk for the time being,but downside risks remain .11 Mexico Recovery of businesses margins and cash flow has slowed down .12 South Korea Increased credit risk for highly leveraged suppliers .13 Spain Ongoing issues,but a strong rebound expected in 2022 .14 Sweden Ongoing production

4、delays could impact margins of suppliers .15 United Kingdom Credit risk situation of suppliers about to deteriorate .16 United States Supply chain pressures,but higher sales prices sustain margins .17 DisclaimerThis report is provided for information purposes only and is not intended as investment a

5、dvice,legal advice or as a recommendation as to particular transactions,investments or strategies to any reader.Readers must make their own independent decisions,commer-cial or otherwise,regarding the information provided.While we have made every attempt to ensure that the information contained in t

6、his report has been obtained from reliable sources,Atradius is not responsible for any errors or omissions,or for the results obtained from the use of this information.All information in this report is provided as is,with no guarantee of completeness,accuracy,timeliness or of the results obtained fr