Despite the continued poor business climate, German car manufacturers rate the current situation better than in the previous month. However, the Iran war is weighing on future prospects.
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The mood in the German Auto industry has improved again due to the growing demand for electric cars in Europe. In February, the business climate surveyed for the industry rose by 3.5 points, said the Munich Ifo Institute for Economic Research. Although the business climate is still negative at minus 15.6 points after the third increase in a row, companies rated their current business situation significantly better than in the previous month. “Demand from the EU – especially for electric vehicles – continues to act as a supporting force for the German auto industry,” said Ifo industry expert Anita Wölfl.
However, expectations for the coming months were somewhat worse due to the outbreak of the Iran War. The armed conflict started on Saturday by Israel and the USA could influence the numbers. “Negative effects are particularly evident from rising oil prices and feared new supply chain problems,” said the head of foreign trade at the German Chamber of Commerce and Industry (DIHK), Volker Treier.
This article will continue to be updated.