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Ifo: German Automotive Businesses Become More Negative About Outlook in April

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Morale across the German automotive industry weakened in April, as the Iran war made companies more pessimistic about the coming months despite a better assessment of their current business situation.

The business climate indicator dropped to -23.8 points from -19.0 points in March, the ifo Institute said Monday. Business expectations declined to -30.7 points from -15.3 points.

The ifo business survey also showed that automotive companies facing a shortage of key intermediate products like helium grew to 9.3% in April, from 1% in March. Meanwhile, businesses expect high energy prices to impact car purchases.

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