Hyperdrive
German Carmaker Mood Darkens on Slowing EV Shift, China Slump
- Manufacturers’ expectations deteriorated in July: Ifo
- Poor demand for EVs, spending drop in China weigh on outlook
VW ID.3 electric vehicle assembly.
Photographer: Krisztian Bocsi/BloombergThis article is for subscribers only.
Germany’s carmakers are growing gloomier about their prospects after a disappointing earnings season marked by waning electric-vehicle sales and weakness in China for companies including Volkswagen AG and Mercedes-Benz Group AG.
Business expectations by the German auto industry deteriorated to minus 18.3 points in July, from minus 9.5 points the month before, according to a survey by the Munich-based Ifo Institute published on Monday. Several manufacturers have reported poor financial results in the past weeks.