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The outlook among executives in Germany’s key automotive industry has continued to sour, according to the latest results of a monthly industry survey from the ifo Institute released on Wednesday.
Ifo’s monthly index for the auto industry, which is based on the results of a survey of businesses in the sector, plummeted in January to a new low of negative 40.7, down a further 5.7 points from December.
“The automotive industry is stuck in crisis. Above all, it sees its competitive position in serious jeopardy,” said ifo Institute automotive expert Anita Wölfl.
According to the survey, companies rated their position on foreign markets as lower than ever before, both within the European Union and globally.
According to ifo, German carmakers have also lost significant ground on the German domestic market to foreign rivals.
“The strong competition from China, [US President Donald] Trump’s threats to impose tariffs on US imports from the EU in the near future and burdens at home are putting considerable pressure on the German automotive industry,” said Wölfl.
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