Cloudy situation
Ifo: Sentiment in the auto industry continues to decline
Germany’s most important industrial sector is struggling with weak sales figures and weak demand. There doesn’t seem to be an end to the decline in sight.
After a brief glimmer of hope in September, the mood in the German auto industry has deteriorated again. The Munich Ifo Institute’s business climate index for the automotive industry fell to minus 27.7 points in October. Over 44 percent of companies complained about a lack of orders, more than ever since the first summer of the Corona crisis in July 2020, as the institute announced.
The companies therefore assess the current situation as significantly worse than four weeks ago. Export expectations have also deteriorated again, even if overall business expectations for the coming months were somewhat less pessimistic than in the previous month, according to Ifo. “The German auto industry appears to be increasingly affected by increasingly intense competition, especially from non-European countries,” said Ifo auto expert Anita Wölfl.
dpa
Source: Stern
