Automotive Technology, Innovation, and Steel Drive Austrian Manufacturing
Austria is a huge contender in global manufacturing. Since coal, lead, magnesium, and other essential minerals were discovered in the Rhineland, the Austro-Hungarian Empire has flourished in industrialization and manufacturing. Powered by innovation, they are not losing any momentum and will likely continue to be successful for years to come.
What makes Austrian manufacturing stand out internationally?
The Automotive Economy
For a long time now, Austria has been a leading force in the automotive industry, especially pertaining to their state-of-the-art technology. With a yearly revenue of 43 billion euros, the auto industry makes up a substantial portion of the country’s economy. Austria has produced over 2 million cars and invested 8.4 billion euros in automotive since the 1980’s. Even Ford produces vehicles in Austria. From creating drive systems to building Porsches, the industry continues its legacy within the international community and there are no indications of this industry slowing in the years to come.
Steel as a Power Product
As in the past, steel is a powerful product within Austria. Only now, Austria is known for reinventing a new way to produce it. Typically, coal is used to reduce the ore to a molten metal creating crude steel. However, companies like Voestalpine have begun using alternative methods for producing steel by melting the ore with hydrogen. This method drastically decreases the CO2 emissions of its manufacturing process. The steel is of the same caliber and quality in addition to being more “green.” The innovation of decarbonized steel process not only places Voestalpine as an international leader in metal production, but the locally produced steel also drives the already successful automotive and railway industries.
Innovation creates Efficiency
Austrian manufacturing has also proven its commitment to flexibility with the market. By constantly inventing new technologies, they always seem ahead of the curve, giving them a huge advantage in production. In fact, the Austrian government supports industrial innovation by investing over 20,000,000 euros annually in research initiatives. Through this research, Keisel Electric now holds the technology to produce high-performance batteries and alternative charging solutions. They are currently building a new factory which is nearing completion and will expand their capacity to serve green energy solutions for companies like BMW, Tesla, and Samsung. Other Austrian enterprises are also working hard to develop new technologies and processes to keep Austrian manufacturing at the top.
Perhaps it is the luck of being blessed with great minerals that gave Austria its leg up in manufacturing, but their brute strengths and constant innovation keep them there.
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