Ifo: German car industry shows first recovery signs

Tuesday, 04. August 2020 09:52

The Ifo Institute for Economic Research stated on Tuesday that Germany's car industry is showing the first signs of recovery after being severely hit by the coronavirus pandemic.

The institute's survey showed significant increases in business and export expectations and a slight rise in demand. Despite that, the business situation is still negative, Ifo stresses, with concerns about workforce development remaining.

German car manufacturers such as Volkswagen, Daimler, Mercedes-Benz, and BMW all reported losses in their recent earnings reports as they continue to battle the crisis caused by the pandemic.

Related Links: BMW AGDaimler AGVolkswagen AG
Breaking the News / JR