German Carmakers Are Bleakest About Their Future Since 2008
- Manufacturers’ future view deteriorated again in June: Ifo
- Subdued growth, competition from Tesla weigh on expectations
The future view by the likes of Volkswagen, and BMW deteriorated for a fifth month in June.
Photographer: Krisztian Bocsi/BloombergThis article is for subscribers only.
German automakers’ expectations are at their worst since the 2008 financial crisis due to inflationary pressures, sclerotic economic growth in Europe and punishing competition from Tesla Inc. as well as Chinese carmakers.
The future view by the likes of Volkswagen, Mercedes-Benz, and BMW deteriorated for a fifth month in June to minus 56.9 points, a slump from minus 10.3 points the month before, according to a survey by the Munich-based Ifo Institute published on Wednesday. That’s not far off 2008’s low of minus 67.8.