The results of a study published by the Ifo Institute showed that in October, the business climate index for the German automotive industry fell to -27.7 points from -23.4 points in September.
"Increased competition, especially outside Europe, seems to be increasingly affecting the German automotive industry. The crisis in the German automotive industry continues," the Ifo Institute said.
The data also showed that the index of the current business situation fell to -27.5 points from -14.5 points in September. However, companies were less pessimistic about the coming months: the indicator of business expectations rose to -27.9 points from -31.8 points. Meanwhile, respondents again pointed to a shortage of orders from Germany and abroad - in October, 44.3% of companies suffered from a shortage of orders, which is the highest value since July. Export expectations deteriorated once again, with the indicator falling to -32.8 points. The figure was only lower during the first coronavirus wave in spring 2020.