Automobile Industry

Without a doubt, the automobile industry is the most important economic sector in Germany. In 2019 automobile manufacturing significantly contributed to the German economy by generating about EUR 420 billion, which was nearly a tenth of the total economic output of the country.  In addition, a new record for employment was set by having around 843,000 employees working in this industry.

Managing fundamental change

Despite these impressive figures, the German automobile industry is confronted with great challenges. The fundamental change pressuring manufacturers and suppliers in the industry is the boom in electric vehicles and the radical new mobility concepts spurred on by climate change. Moreover, exports have decreased, and there are uncertainties in the USA and Great Britain, the two most important markets for sales and procurement.

Ensuring sustainable growth

We can assist you in preparing for these dramatic changes in the best way possible. Our objective is for you to be optimally positioned in the market for your customers and suppliers as well as for your investors and business partners. We offer customised, individual and sustainable solutions, especially in the areas of international accounting standards (IFRS, US GAAP) and transfer pricing in order to promote sustainable growth for your company – whether it be through organic growth or external acquisitions.

Our services for the automobile industry

Of course, we can assist you in all tax matters and offer your company comprehensive audit and assurance services as well.
In addition, we are at your disposal for the following services:

• Auditing separate and consolidated financial statements in accordance with German and international requirements
• Supporting the implementation of ongoing issues with international accounting standards (IFRS, US GAAP)
• Tax consulting domestically and internationally (VAT, transfer pricing, secondments, etc.)
• Supporting the preparation for and implementation of transactions
• Consulting in special situations
• Consulting on issues concerning governance, risk & compliance
• Supporting preparations for the TISAX^® certifications*

* Note: TISAX^® is a registered trademark of the ENX Association. Nexia does not have a business relationship with ENX. The mentioning of the TISAX trademark does not imply that any statement had been made by the trademark owner as to the suitability of the services advertised here.