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Bloomberg: Why does it take so long to get a new car in Europe?

“We’re not entirely out of the bottleneck woods,” says Vasileios Gkionakis of Citi
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There’s a really interesting Divergence as well within the economic data both domestically here in the United States and abroad as well in Europe and in China to some extent too Services PMI the data around Services is still pretty resilient robust even manufacturing is ugly almost the recessionary levels what

Do you make of that distinction so I would say two things in in that respect first of all uh in general the manufacturing pmis uh all of the I would say all of the soft survey data but predominantly the manufacturing pmis have tended to overstate and understate

Moves in the actual uh data in the economy in the real GDP growth the second thing I would say is that we’re still facing I mean we’re not entirely out of the bottleneck Woods there’s still a lot of issues in German production for example car manufacturers when they’re being faced with new orders

For cars they take typically right now 16 to 18 months to produce when when you’re ordering a new car in Europe it’ll take about 16 to 18 months to get delivery of that car so uh there’s definitely an issue there and the last thing I would say that look at the

Economies have reopened from pandemic this was largely going to be a services-led recovery so I would take the deterioration manufacturing with slight pinch of salt but there is no denying that clearly the services that is driving the economy right now



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