German business sentiment for automakers improves in March, Ifo says
A worker attaches a part to a Mercedes-Maybach car on a production line of "Factory 56", one of the world's most modern electric and conventional car assembly halls of German carmaker Mercedes-Benz, in Sindelfingen near Stuttgart, Germany, March 4, 2024. REUTERS/Wolfgang Rattay/File Photo Purchase Licensing Rights
April 3 (Reuters) - The business environment for German carmakers and their suppliers improved noticeably in March, a survey published by the Ifo economic institute showed on Wednesday.
Ifo's business climate indicator for the sector rose from -9.9 in February to -5.8 points, the highest value since May 2023.
"The German automotive industry now seems to have finally emerged from the economic low of the second half of 2023 and is looking more confidently into the future again," Anita Woelfl, a motoring industry specialist at Ifo, said in a statement.
According to Ifo, only a few companies reported problems in supply chains despite severe disruptions caused by militant attacks on the Red Sea shipping route.
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Reporting by Rene Wagner, writing by Anastasiia Kozlova and Amir Orusov, editing by Rachel More
Our Standards: The Thomson Reuters Trust Principles.
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